Thursday, April 17, 2008
US oil & gas counters rally. How about Cnooc? Chart shows that the consolidation is over. Can it challenge the old high? Two CWs are listed in Bursa: Cnooc-C2 & Cnooc-C4 (C3 doesn't exist). Only Cnooc-C4 is worth looking as it is in the money now and the deadline is in Nov 2008. The premium is quite high, but there will be a play if Cnooc is listed in Shanghai in this few months. Remember how Petroch runs in anticipation of its Shanghai listing? Well, it may and it may not repeat but I believe the risk is worth it.