international ucg projects - cgv vs cnx

CNX Share price jumped over 10% on the Chile JV UGC project ann.
The market cap jumped by nearly $50M.
CNX will have a 30% stake in the project.
The size of the plant I belive will be 200MW.
CNX is required to fund its 30% portion so it will mean CNX will be diluted further. But thanks to the already high market cap of $450M+ it will mean dilution won't be very high.

CGV have a 35% stake in the China JV UGC priject. The project is esitmated to cost around $400M. The size of the UCG plant is 400MW.
CGV current market cap is around $28M. So how will they ever raise above $100M some might ask, it will cause huge dilution some might ask???

The answer is zero dilution to CGV. How some might ask?

The answer is the JV are setting up a separate enitity in Hong Kong. CGV will have a 35% in the JV. They are planning an IPO in Hong Kong, IMHO it will happen in the 1st half of 2010, if they are planning to have the plant up and running by the end of 2010.
The JV IPO will plan to raise $120M with the intital float then raise the balance of the $400M later on.

IMO this will cause a huge buzz when it floats because if all goes to plan this could be the 1st UCG / CCS plant in China. So raising the funds shouldn't be an issue unless the market craps itself.

I belive CNX has a good future but I see alot more upside with the CGV price. Once we get closer to the IPO, CGV will no doubt get rerated and should be traded close or above $1.00.

If CNX share price triples it will have a market cap of over $1.2B. If CGV SP triples it's market cap will still be under $100M.

The next 9 months, lets see if I might the right choice.