Over on RB, one of the crew asked what I thought of today's press release:
***********************************************************
Quite honestly, Zep,
I felt it was anticlimactic, and rather surreal - since it will probably be received as a big dud - with the company still on the PINKS courtesy our high-caliber accountwits, et al.
The de facto PR via HQ-leak months ago made today's PR just coin-toss as to when it would actually show up in print (i.e.; when the boat would dock and make connection to the online terminal).
Certainly would be nice if the re-listing would materialize out of the fog at the dock in LA, so we could get some decent info on "...what the crud's up with our company vs: the competition..", with regard to real-world events as presented by Alexander's:
PetroChina and Shell China sign LoI on gas market study for central China
06-03-00 PetroChina, a wholly owned affiliate of CNPC, and Shell Exploration China have signed a Letter of Intent on a joint gas transmission and market development study for the Changbei Gas Field in the Shaanxi and Inner Mongolia provinces in central China, according to Shell.
The Letter of Intent builds on the Petroleum Contract (PC) signed in September last year between CNPC and Shell covering the integrated development of the Changbei Field in the Ordos Basin--including gas production, gas transmission and the development of markets in the municipalities of Beijing and Tianjin as well as the provinces of Hebei, and Shandong.
A joint Pre-Feasibility Study for the pipeline routing is now starting, and this will incorporate the results of further gas marketing activities. The gas pipeline network from the Ordos Basin will form a key part of the nation's long-term gas distribution plan. The Changbei PC is Shell's first onshore upstream development in China and is the largest undertaken by PetroChinain the country in partnership with a foreign investor.
Following evaluation and development phases, the project is expected to deliver up to 3 bcm of natural gas a year for 20 years to eastern China. If studies are successful, production from the entire field project is expected to commence in by 2004. Full realisation of the project, including gas development, pipeline construction and associated power generation will need a total investment approaching $ 3 bn.
PetroChina's heavily anticipated overseas listing, the biggest in China's history, will likely occur simultaneously at the start in New York and Hong Kong. The firm earlier filed with the US Securities and Exchange Commission for the IPO on the New York Stock Exchange.
Estimated at some $ 7 bn, the IPO is expected to be the biggest-ever by a mainland company. The state-owned CNPC is the country's largest enterprise, employing some 1.5 mm people and accounting on its own for 5 % of Chinese state-sector assets. Funds raised will go toward a complete overhaul and modernisation of the sprawling giant to prepare for greater foreign competition following China's anticipated entry into the World Trade Organisation.
Restructuring is already underway on the firm, which has total capital of 400 bn yuan. Using calculations to reflect the restructuring, PetroChina reported in filing that its net income of $ 16.6 bn in the nine months to last September 30 on revenue of $ 125.9 bn.
Considering that the Head Yayhoo at SHV would probably like to sodomize Mendez, just for the fun of it, over the flubbed deal a year ago - Largo's vulnerability at $0.95 is no joke.
This is the Big Leagues, Zep - and these guys don't play patty-cake, kiss-kiss, nice-guy with twiddling newbies; they eat them for brunch..!!
***********************************************************
Regards,
John :-) |
