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March 11, 2008 |
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AED OIL: Sinopec Stake Buy Prompts Share Price Hike John Viljoen at Bloomberg News reports that AED Oil Ltd.'s shares rose as much as 43% to AU$2.65 On Monday after China Petrochemical Group's (Sinopec) unit bought a 60% stake in its largest field. Sinopec International Petroleum Exploration & Production Corp. bought rights in the Puffin and Talbot oil ventures for AU$600 million. Once the purchase is completed, Sinopec will start operating the field, whose output declined in recent months, Bloomberg relates. According to the same paper, China wants secure supplies outside the country to meet rising demand at home. China Petrochemical is the parent of China Petroleum & Chemical Corp., or Sinopec Corp., Asia's largest oil refiner. AED Oil Limited -- http://www.aedoil.com/ -- operates solely in the oil production, and oil and gas exploration industry in Australia. The company is engaged in the planning and development of the Puffin Field. The company has incurred net losses of AU$20.56 million, AU$4.53 million and AU$0.91 million for the years ended June 30, 2007, 2006 and 2005. |
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