VERENEX ENERGY INC

hab da noch etwas für dich ..... auch wenn ich mich nicht oft melde ;-) lg me Verenex Energy Inc. |VNX CNPC International Ltd. Deal value $440 million Spread 07/13/09 $3.50, or 54% A negotiation between Verenex Energy Inc. and the Libyan government over Verenex's acquisition by China's CNPC International Ltd. is supposedly progressing, but the acquisition agreement, conditioned on receipt of a consent from Libya's National Oil Corp., has been in limbo since February. The deal has an Aug. 24 termination, and Libya may push against that termination date. Verenex of Calgary, Alberta, operates an oil exploration and development project in Libya under a contract from 2005. The NOC has threatened that the Verenex claim to the oil field is invalid. Libya has said it would prefer to buy in the asset, but has made no firm offer.

Chinese energy buying spree bypasses oilpatch. By Deborah Yedlin, Canwest News ServiceJuly 17, 2009 +++++++++++++++++++++++++++++++++++++++++++ CALGARY - If anyone doubts China's growing need for energy and its continued quest to shore up supply, having a look at the activity of its national energy companies on the international stage will put those thoughts aside. What's curious, however, is that none of those deals has taken place in Canada. The only possible exception could be the $1.5-billion US investment by the China Investment Corp. in mining giant Teck, which amounts to a 17.2 per cent interest in the company. What's relevant here is that Teck also holds a 20 per cent interest in the Fort Hills oilsands project owned by Petro-Canada. Since February, as oil touched $33-a-barrel lows, China has gone on a bit of a buying spree to shore up its oil supply. It made "loans for oil" deals in Brazil and Russia and has been an active buyer through its various oil companies. Last month, Sinopec said it was going to buy Toronto-listed Addax Petroleum for $8.8 billion. Meanwhile, the China National Petroleum Corp. is still waiting to hear whether its $430-million deal to buy Calgary-based Verenex, with its Libyan assets, will proceed. Of the 10 biggest deals done in the second quarter, Chinese companies were associated with three of them. And it doesn't end with interest in the upstream side of the business. The downstream is turning out to be just as important. There are reports Chinese companies are looking at investing in Iran's oil refining sector, PetroChina recently bought a 45.1 per cent interest in Singapore Petroleum Co. to gain access to its refining arm and just received approval to invest in Japan's key refiner, Nippon Oil. But the reality is that since 2005, when Sinopec bought into the Synenco Northern Lights Project, now owned by France's Total, and the Chinese National Overseas Oil Co. bought the 16.69 per cent interest in MEG Energy, the Chinese have been conspicuously absent from Alberta's oilpatch. And according to Wenran Jiang, associate professor of political science and the Mactaggart research chair of the China Institute at the University of Alberta, there are a number of reasons for this apparent lack of activity. "There's been more thunder but little rain," said Jiang. "Are they interested? Yes, but there are four or five factors that make Canada less desirable relative to other jurisdictions." One of those factors is the lack of pipeline infrastructure to the west coast that could facilitate the export of oilsands production to China and other countries in the Far East. Jiang makes reference to the memorandum of understanding signed with Enbridge back in 2005 in connection with the Gateway Pipeline, but it's been almost four years since that time and the pipeline has yet to be built. "Having that pipeline from Edmonton to the west coast would be good for Canada and Alberta because it represents diversification in terms of who buys the oil," said Jiang. Another is the fact that the oilsands remain the marginal barrel on the world's oil stage. "The Chinese want to know what happens to the economics of the oilsands if the price falls to $40 per barrel," he says. This relates to another strike against Alberta's oilsands, the cost of labour and other inputs that push up the price of getting oil out of the bitumen. One of the ways the Chinese have suggested mitigating the cost side of the equation would be by bringing in contract labourers from China. A lower cost structure through cheaper labour, notes Jiang, would be one way to insulate the oilsands from being so vulnerable to the world oil price. Then there's the political environment. Alberta might be keen to attract investment, but this enthusiasm doesn't necessarily translate to the federal level. While other countries are interested in luring the dragon to their doorstep, says Jiang, Canada is ignoring it. This is despite the fact it is becoming increasingly apparent that, in addition to the U.S. recovering from the recession, from a Canadian perspective, it's just as critical that China gets its economy rolling, too. The reason is simple. "As China recovers, so do the prices for metals and other natural resources. And that's important for the Canadian economy. Canada needs the Chinese more than the Chinese need Canada," said Jiang. The irony in all this is that Chinese companies have been eager buyers of assets being sold by Canadian companies outside the country. Since 2005, Chinese companies have been buyers of assets sold by EnCana and Petro-Canada, have bought Addax Petroleum, bid for Verenex and also swallowed PetroKazakhstan. "The Chinese are buying assets in Africa, the Middle East, Southeast Asia and Latin America," said Jiang. But not here. And despite more attractive valuation metrics, it's clear there is much more to this story than simply commodity prices. The combination of regulatory challenges, a tepid political climate at the federal level, the higher relative cost of an oilsands barrel and the inability to get it out of the country all suggest that until there are some positive shifts in these areas, the Chinese companies are going to keep buying assets of Canadian energy companies with assets overseas. The question that needs to be asked is if this is in the best interest of the Canadian economy. Calgary Herald © Copyright (c) Canwest News Service +++++++++++++++++++++++++++

++++++++++++++++++++++++ "By Alex Lawler and Jane Grieve VIENNA (Reuters) - Libya's plan to buy Verenex Energy Inc should not take long and it is well-placed to finance the deal, the country's most senior energy official said on Thursday. Libya has said it will exercise its right to pre-empt a friendly C$10-a-share bid for Verenex from China National Petroleum Corp (CNPC) . It has yet to make a formal offer. "Sometimes it's very difficult to give an exact time-frame, but I hope it will not take long," Shokri Ghanem, the chairman of Libya's National Oil Corporation, told Reuters television. "Libya has quite a good fund," he said. "Most of the funds are invested in cash and cash is the king now, so I don't think we'll have a big problem regarding finance for this deal." Verenex holds promising oil assets in Libya, home to Africa's largest oil reserves which has attracted a wave of interest from oil companies after the end of international sanctions. With the assumption of debt, the C$10 a share offer from CNPC is worth C$499 million, the companies said when it was announced on February 26. The stock was unchanged at C$8.95 as of 1827 GMT. Ghanem has previously stated that Libya would offer the same price as the C$10-a-share agreed by CNPC. He did not specify a purchase price in his comments on Thursday. He said Libya had chosen to buy Verenex for commercial reasons. "We were not looking for Verenex, but it was up for grabs. We think it is a good buy." The Libyan official spoke to Reuters after a meeting of the Organization of the Petroleum Exporting Countries in Vienna earlier on Thursday. The group decided to leave output levels unchanged. Ghanem added he expected the oil price to continue rising from a 2009 high above $65 a barrel reached on Thursday. "I think the average price for the whole year is going to be around $70-$75, which means that by the third quarter it will be above $85, so as to offset the low price at the beginning of the year." +++++++++++++++++++++

ja ja,HÄTTE,WENN und ABER sind die erfolgreichsten an der börse ;-) musst aber nicht gleich mit der ganzen hand in meiner wunde bohren *schnief* ich hätte mal besser auf meine limi hören sollen,dann könnte ich hin und wieder noch lächeln ;-) gratz für deinen guten riecher,gönne ich dir ,deine aktie hast du ohne BB gefunden,was heutzutage recht selten ist,davor ziehe ich meinen hut *bussi* lukoil is schon auf meiner wunschliste....muß noch meinen restlichen gewinn bei forsys einstreichen und dann gehts los ;-)