Hi allCNOOC was prepared to accept a placement initially at...

Hi all

CNOOC was prepared to accept a placement initially at 31.5c, which if my memory serves me correctly was not at a discount to the market price at the time.

Perhaps because of the value to the Chinese of the resource (assuming we have one) strategically is so important that they have all the incentive they need. I can understand them not taking the placement at 31.5cps - it was an immediate 30% loss for them. But if they were prepared to pay what they offered last time, why should their be a discount this time?

Who knows, the announcement could be something we haven't forseen, but I am not overly concerned at this point. If it is a Chinese placement at a discount then this is just another opportunity to average down (with a corresponding increase in potential upside).

Just my thoughts - feel free to comment (positive or negative). A nice healthly debate should get some great ideas flowing.

DYOR. Love puff