Thursday's Asia ADR Recap
Elsewhere in the Chinese oil and gas sector, Cnooc (CEO) said it will offer 17 offshore blocks for joint oil exploration with foreign companies in 2008, according to the company Web Site. The exploration blocks will consist of 13 located in eastern South China Sea and four in the western area of the same sea. Shares of Cnooc ripped higher by 4.2% to $159.28
Both PetroChina and Cnooc also announced they have inked a long-term supply agreement for liquefied natural gas (LNG) from Qatar.
Chinese online gaming company Perfect World (PWRD) jumped 5.4% Thursday after a Piper Jaffray analyst reiterated his buy rating and $35 price target for the stock, citing the company's decision to allow customers to play a online game for free as a growth driver. Shares of Perfect World rose by $1.34 to $26.69.
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