Posted this morning. http://whereiszemoola.blogspot.com/2007/06/according-to-sources-ranhill-strikes.html
Well, I was alerted by my dearest cousin, Tucows about a news clip posted on Bloomberg. (here )
- June 18 (Bloomberg) -- Ranhill Bhd., a Malaysian engineering company whose shares surged 30 percent today, denied a report that it struck oil in an area off West Java, Indonesia.
``There's no commercial oil and gas show as yet,'' Chief Operating Officer Amran Awaluddin, said in an interview in Kuala Lumpur today.
Ranhill shares jumped after the Star newspaper reported today that the company and its partners have found oil after drilling 6,000 feet, beating earlier projections.
How?
Ranhill was up a whopping 54 sen or 29% just because of that "according to sources" article published this morning!!!!
If Ranhill tanks later, how?
Now tell me, what do you think of that news article published this morning?
Should SC investigate the reporter and his sources?
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7 comments:
hehe Moola, that's why i like to visit your blog each time something big happens for a second opinion... good reminder!!
i doubt punters read about your comment though.
My dearest ToeBear,
Many thanks for your support!
rgds
moola,
your site has credence.
keep up the good work.
Good catch again. After reading your site enough times, I managed to spot the bullshit phrases when I read the article. ;)
I saw a denial from Ranhill in Bursa today as well about an article in the NST last Friday where they were supposed to be involved in a consortium to develop a RM 9B project in the ME.
These reporters should be suspended and blacklisted.
Moola,
what you have said is very true...that reporter should be called up by SC to investigate who is the so call "source" and whether any money transacted between them to write this piece of rubbish and whether they have profited by this "rumour".
Finding hard to read any" truth" news nowaday in the local newspapaer.
Moola, have you compiled a list of links to your articles exposing this JOSE's "creative reporting"?
After the denial, why the share continue to go up? Could it be true or something is hidding? The price is even higher than the news day?
According to the report the well drilled to 6700' and the target is at 10,000 ft, but the well is losing the drilling fluid, meaning the formation is highly permeable and porous, they have yet to determine if any oil at this point, but could it be Ranhill knew what is happening and started to chasing the share higher? Anyone can share some thought here? Thanks. Share was 2.45 on the news day, after denial 2.10, today up to 2.65....
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