Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I think we have to assume there were problems with the listing. The fixing of the 10Q probably reflects some of the issues. Looks like we could be waiting a while, hope I'm wrong.
Looks like it will fill the gap.
No kidding, hard to believe it hit $7.
oilbaron..
I bought in a few weeks ago. Looking good so far.
This listing is taking a while. Hope something happens soon.
China to set up energy task force as planner warns of dire power shortage
Mon Mar 7, 3:07 AM ET
Workers fix power lines along street in Beijing. China said it plans to set up a special taskforce to handle energy issues as its top economic planner painted a dire picture of the nation's desperate power shortages(AFP/File)
BEIJING, (AFP) - China said it intends to set up a special task force to handle energy issues as its top economic planner painted a dire picture of the nation's desperate power shortages.
The government has decided to establish a "national leading group" to oversee the country's sprawling energy industry, the China Daily reported on its website.
"Saving energy should top the agenda of the government's leading office," Minister of Water Resources Wang Shucheng told the newspaper, highlighting how the economy has recently veered dangerously close to running out of fuel.
Ma Kai, the head of the National Development and Reform Commission, told journalists that China was under great pressure to moderate growth in order to eradicate energy bottlenecks.
"We must keep economic growth within a reasonable range, that is a range which the energy and natural resources can keep up with," he said.
Otherwise, he said, "it will be hard to maintain our relatively high, relatively fast rate of growth."
Economic growth in China reached an eight-year high of 9.5 percent in 2004, with the unwelcome side effect that two thirds of the country's provinces reported energy shortages.
At a briefing on the sidelines of the ongoing annual meeting of the National People's Congress, or parliament, Ma said frenetic economic growth was only one of the reasons why there was not enough energy to go around.
"We consume more energy than Japan, even with an economy that's only one third that of Japan's," he said. "Energy waste and low efficiency are indisputable facts."
He said all of society would have to help, urging a two-pronged strategy to tackle the country's energy problems.
"With the one hand we should adopt all measures to increase the power supply while ensuring production safety," he said. "With the other hand, we should conduct demand side management."
Despite the serious problems faced by the Chinese economy, he told the outside world not to worry.
"Energy demand is basically matched by domestic supply," he said. "China's oil imports only account for about six or seven percent of total global oil trade, so China's impact on price fluctuations is very limited."
Although a "leading group" on energy is now in the works, there are no immediate plans to set up a Cabinet-level energy ministry, according to the China Daily.
Calls have been growing in China for the establishment of a regular ministry to replace the current energy bureau under Ma's commission, which has a staff of only 20.
Critics insist the bureau has failed to reduce the shortages, especially a lack of electricity nationwide since mid 2003.
China set up a Ministry of Energy in 1988 but it was dissolved five years later because its administrative functions overlapped with other departments.
Wang, the minister of water resources, has long been calling for a full-fledged energy ministry, the China Daily said, and his views were echoed Monday by Zhang Jianyu, a visiting scholar with Beijing's Tsinghua University.
"The government's decision to set up a leading group is a major step forward but is far from enough," Zhang told the newspaper.
"The leading group is a temporary office and is still weak compared with the importance of the sector," he added.
Firms switch on to energy-saving items
By Zhang Lu (China Daily)
Updated: 2004-03-05 08:38
China's large-scale power shortages has driven more domestic firms to develop, manufacture and market more power-saving household electric appliances.
Last month, Shinco, which is devoted to the development of power conservation technology, launched its "saving electricity in households" campaign.
The company has invested a total of 50 million yuan (US$6 million) to market 50,000 sets of frequency-conversion air conditioners with an average price cut of 33 per cent.
Hisense also announced last year it will continue focusing on the development of power-saving technology.
"Energy conservation will definitely be a future trend for the development of electrical home appliances, even if power supplies are sufficient," said Luo Qingqi, a senior consultant at the Pully Consultant.
An energy-saving refrigerator is shown at a home-appliance shopping centre in Zhengzhou, Henan Province. Large-scale power shortages around China have led domestic firms to increase the development, manufacturing and marketing of power-saving household electric appliances.[newsphoto]
The country's power shortage just increased the urgency of the issue, Luo said.
According to latest State Council statistics, China's gap between power supply and demand currently exceeds 10 million kilowatts.
And power shortage will remain serious this year in some regions, affecting both economic development and residents' daily lives.
Home electrical appliances like refrigerators and air conditioners are widely considered as big power consumers, analysts say.
Statistics show that the country has at least 130 million refrigerators, consuming nearly half of all residential power supplies.
And air conditioners eat up more than 40 billion kilowatts-hour every year, a figure which is set to rise.
"The high power consumption of home appliances affects the country's power supply, whereas, the power shortage also has a negative impact on the development of the home appliances industry," Luo said.
Most domestic home appliance producers have been focusing on the development of new technology to increase efficiency, helping to secure a more sustainable development.
The most prevalent and the best way currently is to adopt frequency-conversion technology, Luo added.
It is estimated that if all the old fridges are changed to frequency-conversion ones, power consumption will fall by 20 per cent annually, saving 120 billion kilowatts-hour of electricity in 15 years.
If all households used frequency-conversion air-conditioners, with their 30 per cent higher ratio of efficiency, the country could save 48 billion yuan (US$5.8 billion) a year.
This higher efficiency will not only ease the country's power shortage, but also benefit consumers.
For families which own three air conditioners and operate them for an average of three hours a day, 2,000 kilowatts-hour of electricity, or an electricity fee of some 1,000 yuan (US$120) will be saved annually per household.
"Compulsory requirements on the limitation of power consumption should be applied as soon as possible, to promote frequency-conversion products," Luo said.
He expects that the frequency-conversion products will account for over 50 per cent of the market in three years' time.
The figure currently stands at less than 20 per cent, compared with a more than 95 per cent in Japan, and around 50 per cent in Europe.
A new criteria regarding the limitation of power consumption and efficiency rating systems for refrigerators was put into effect last November.
However, the specific rule is still awaiting approval.
And a power consumption requirement for air conditioners is likely to be issued this year.
It is reported that the old requirement of energy-efficiency ratio would be raised.
"It is an urgent requirement to issue the compulsory certification mark of energy efficiency for home appliances," said Wang Lei, vice-secretary-general of the China Household Electrical Appliances Association.
Doubloon..
Thanks for your reply. I have a decent stake here and a smaller one in IWNN. Canwest has too many present and past problems, I'm not interested in that one. I have searched for others, but I have not found anything good except mid-high majors.
OT Doubloon..
Besides the Energy 51 partners, do you know what other companies are in the Alberta area? I know the majors like Shell and Gulf are there, but I am interested in other small companies.
I'm glad for the delay. I was able to pick up more at .45
This one has a very bright future.
Rig...
Thanks for info on the web site and research report. Great find on that report.
Doubloon...
Thanks for your thoughts. Sorry I could not reply to your other message, I do not have a premium subscription.
best,
coffee
Interesting company here, took a starter position at .09 recently. I especially like the investment banking experience of the management. This kind of background usually leads to good things. Companies like First Majestic and Atlas Mining are good examples.
Doubloon...
Thanks for the info. How do you see this playing out over the next couple months?
The lack of interest in CESV is shocking. I can't believe how low this thing is trading.
I can't believe these prices. 10 x 10.25? What moron is selling at 10?
mgk65, anything 13 and under is a great price. You timed it better than I did.
-coffee
Nice trade mgk65. Picked up more myself at 13, missed that brief window at 12.55. IMHO this will be 20+ in the near future.
Rig, thanks. eom
Looking over the financials again, very impressive. As others have said, the numbers are there to justify a much higher price.
My only complaint is the web site, which is basically a joke. With the kind of money they have coming in it is time for a completely new site, especially if they are going to NASDAQ.
Looking very good. Started a small position recently. Let's hope it flys.
Wow, starting to rock! And, news is not even out yet.
nlighn..
I hold a small stake. Just watching and waiting.
This move is starting to remind me of how ADZR traded in late 2003/early 2004. Hopefully, the correction won't be as brutal.
Big Fausett contract?
See below:
http://shoshonenewspress.com/index.asp?Sec=News&str=3700
IMHO, they should go for a Canadian listing. They could start with a venture listing, then build up to a Toronto listing. A lot easier to get than AMEX, and not riddled with problems like the BB and PK. Once they have a Toronto listing, it is an easy step to AMEX.
I personally hope they do not apply for the BB. Too much manipulation there.
Thanks for the info Doubloon, I appreciate all your posts. I've been searching for a quality small O&G play for awhile, and think this could be it. Need to research it more though. I wish MOGI was fully reporting, but I can understand their desire to keep costs down.
Picked up a few shares at .34 today, very promising little company. Need to do more research before I take a large stake. I think this will trade in this range for a little while, there is tremendous negativity towards the tiny O&G's right now, especially those trading on the BB and PK boards.
ALMI trades with precious metals because the company is historically a silver play, the company owns precious metals properties, the management are all miners, and most current revenues are from mining related consulting. In other words, Atlas is a precious metals play that has diversified into clay, hence the trading link.
This is getting ugly. eom
robj, Same feeling here. I hate share structure and financing arrangements, but you gotta love the prez loading up on shares. Added a few more myself.
Green..
What is your take on this?
Drillbit,
I like AMEP, just disagree on the financing strategy. Hope we both make some $.
BCNUL8R,
I like AMEP and I have a tiny stake here. I love the exponential growth. OG is the right sector to be in at this time, and you are not going to find many companies growing this fast. However, unlike you and Drillbit, I do not have blinders on. I see all the red flags because I have invested in companies with similar issues. The question is where do we go from here? Is CB going to solve the problems or just plow ahead? Right now it appears he is just plowing ahead.
Drillbit,
Look, many posters have pointed out the financing issues. Either you don't understand them, or you do understand and have your own agenda.
Let me make it simple for you. Unless CB stops printing shares, things are going to get A LOT worse, no matter how valuable these properties are.
Drillbit,
Share structure is absolutely critical for small companies. Have you not noticed that AMEP has dropped like 80% during one of the strongest years ever for OG? Doesn't that stop and make you think perhaps something is wrong?
Look, I have a tiny stake here. CB seems like a knowledgable OG guy and I love the exponential revenue growth. However, on the financing end, CB is simply incompetent. He is destroying the company and screwing current shareholders. Unless he turns off the printing press, there is little hope for the future of AMEP.