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re: china A poster on ADVFN

PETOIL - 6 Dec'06 - 17:30 - 637 of 640


Petsec who have a holding in china wei 6-12(roc involved) just announced fund raising.
Information about china as follows.
Wei 6-12 South, China - An oil development plan and pre-development work on the 6.12 south oil field discovered in May 2006. This discovery is estimated to contain 70-100 million barrels of oil in place with a recovery rate ranging between 30-50% (Petsec's net interest is 12.5%). A drilling program of 2-4 wells is planned in the second half of 2007 targeting additional reserves of 2.5-4.0 million barrels of oil net to the company.(20-32 mbbls in place)

Is something happening?
Is it that the Chinese have taken up their share, if so why?
Petsec are raising money to pay their share of the developmant costs, perhaps?