As a Chinese, many thanks for a large Chinese oil company (No. 2 in China after PetroChina) saving my stock on AED, which I purchased from $5 to $2.6. Actually it is Chinese huge demand on oil that give me confidence in oil stocks, and all I hold is AED, INP, NXS and NGE. Even saw a record oil price about US$105, I still lost 40% of my investment. Here "thanks" should be gaven to US credit crunch.
It is a good deal for both parties, maybe it is the best choice for AED. SINOPEC produces crude oil around 150,000 barrels/day from overseas projects. Also I think SINOPEC will provide its own drill and FPSO services for Puffin field. It will save a lot of money for AED shareholders.
Great news in the last two months and in such a bear market.
AED Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
