Actually hibiscus will pick up more of the oil price rally than Hengyuan. Hengyuan has limited upside due to excess Indian refining capacity and also in a China itself. Ppl like the China GLC linkage and read too much into it.
The hibiscus can't up much unless they successfully taking up cheap oil fields. Else dilution is major concern here. CRPS has not contributed positively to share price until now. If not this CRPS, with current oil price, it should have breached 0.70
Hibiscus Petroleum’s fundraising signals positive outlook for O&G
Pereira declined to confirm whether the group was bidding for ExxonMobil’s assets, but said Hibiscus was already in talks with several asset owners in Southeast Asia.
He added: “Looking at the price projection and the number of opportunities in the market right now, our target would be to bid for assets over the next six months, and then they will take whatever time it takes for them to decide, whether we are successful or not.
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tkl88
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Posted by tkl88 > 2020-12-06 19:56 | Report Abuse
Brent will break above $50 next week and break above $60 by end of December 2020 !