China Resources

[Tackler]

Globe says Ivanhoe Energy's Dagang goes ka-ching

2004-10-08 07:54 ET - In the News

The Globe and Mail reports in its Friday, Oct. 8, edition that shares of Robert Friedland's Ivanhoe Energy Thursday surged 81 Canadian cents to close at $3.84 (Canadian) Thursday in Toronto after the company said its Dagang project in China posted record monthly sales as oil prices hit fresh highs. The Globe's Shirley Won writes in the Business Ticker column that Vancouver-based Ivanhoe said its Dagang oil field, located 200 kilometres southeast of Beijing, brought in gross sales of $1.2-million (U.S.) for August, its first month topping the million-dollar mark. Dagang's production now averages 1,650 barrels a day. Crude oil prices hit a record of $52.67 (U.S.) a barrel Thursday on the New York Mercantile Exchange. Ivanhoe has a 60-per-cent stake in the Dagang project along with partner, China International Trust & Investment Corp., which owns 40 per cent. Ivanhoe is 29 per cent owned by Mr. Friedland, best known as the principal in the Voisey's Bay nickel project that was sold to Inco Ltd. in 1996 for $4.3-billion (Canadian).