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Ya. I shorted this morning, but still waiting to recover.
nickyng. Need your shorting power to short it down.
when in doubt SHORT !! hee...
Thanks 787180 for your posting. Clearly, the shareholders of COF must be very shrewd to know that the supply will face imminent exhaustion - good or bad for COF's technology is anybody's guess. Not vested and don't intend to until COF shows more earnings visibility.
ChinaOilFld is good. Cheong ah.
Mermaid had heard me shouting yesterday and had cheong $0.10 by now.
Time for this little giant to wake up and cheong again.
China's biggest onshore oil field near 'exhaustion'
(chinadaily.com.cn/agencies)
Updated: 2004-03-24 14:36
China's largest onshore oil field, Daqing Oil Field, faces ``imminent exhaustion'' of its exploitable reserves, local authorities said Wednesday.
The oil field, in Northeastern China's Heilongjiang Province, will cut its crude oil output by an annual 7 percent for the next seven years, said Daqing Mayor Ge Ruyin.
Production last year fell below 50 million tons (55.1 short tons) for the first time in 27 years, and may drop to 30 million tons by 2010 and 10 million tons by 2020, Ge added.
Before 2003, the yearly crude oil output of the petroleum giant, which contributes some one-third of the country's oil, had remained above 50 million tons for 27 years since it was put into production in 1960.
Daqing Oil Field boasted 2.2 billion tons of exploitable oil reserve and currently only 500 million tons remain untouched.
Managers of the oil field are reducing production in hopes that new drilling technology will be developed to allow full exploitation of its remaining 500 million tons of oil reserves.
Exploration along Heilongjiang's border with Russia is also being conducted in hopes of finding new reserves, Ge said.
According to a report released by the Ministry of Commerce, consumption of crude oil will reach 270 million tons this year.
annual crude oil imports will exceed 100 million tons this year, it added.
China's oil market will keep booming and the supply will meet demand on the whole, said the report.
China's need for oil soared by 11.4 percent year on year in 2003, making it the world's second largest oil importer, following the United States.
The average price of oil and oil goods also surged by 11.8 percent in Chinese market last year.
Hi incloud9
ChinaOilFld (COF) depends on a few customers on a seasonal basis in China. Look at RH Energy - its biz is similar to Swiber, yet its share has been gyrating since being listed in July 2007 as its biz is also concentrated in China.
Swiber's biz is wide, covering India, Middle East, Brunei, Malaysia and Vietnam. It has formed joint ventures with strong partners in four of the countries mentioned. Short sellers have been trying to knock down the price as it rises without any success coz' the BBs backing Swiber are ever-ready to send them scurrying for cover. This may explain why when the mkt is "red", Swiber is "green".
Sorry, not vested in COF .
Yes. Position closed.
Try again tomorrow.
Thank you!!!
Pinnacle, your closing at 1.15 fulfilling.... : )
This is a million dollar question. If know it will cheong, I will load 100 lots now.
I got 10 lots at $1.09.
Will sell if reach $1.20. If not, will keep for long as I see potential in this in long run.
Dow futures on the green now... can see ah dow rebound tomorrow... got chance this baby cheong...
har??? POEMS limit to 60bids oni meh?? hee...got any IPO listing tomor? may be i can try on UOBKAY wan..hee...SELL 120 offers away..hee
That's why this is the volume king today.
Why every level got 1000 over lots selling one...kanasai.... can't they just stop selling, and the price ejaculate???
nickyng. FYI on how I know about the 60 bids away, only this morning.
I entered $1.50, but the system do not allow me to stating max at 60 bids away only.
$1.20 is exactly 60 bids away as it do not even allow me to enter $1.25.
I'm using poems.
I'm suspecting that today's opening at $1.20 is because of this reason. I may be wrong though.
nonsense...for newly listed IPO...u can buyQ and sellQ at ANY price wan lah...this morning got a joker buy/sell at $3.02 !!! wah kor! hiong hor? seow wan...anyway this burger likely will close $1.00 +/- hee.....
Max 60 bids away for pre-opening.
How does a stock jumps double on openiing? I thought we can only put in 6 bit each time up or down?
Will be good if today can close above $1.15.
Tomorrow should be a better day, because the financial reports from US after market is very positive.
After market is green now.
Crude oil is up. If they increase Quantity to pull the price down, then the oil mining like COF will only be up and up!!!
oops bought at 1.30, hmm should i average now ? ... :(
