Sinopec

Sinopec Off 1.1%; UOB Keeps Buy,May Raise Target
2007/06/01 11:51
1016 [Dow Jones] Sinopec (0386.HK) down 1.1% at HK$8.63, taking slight breather after jumping nearly 10% yesterday on Xinjiang oil find. UOB-KayHian estimates new discovery accounts for 12% of existing proven reserves, as geological reserves about 200 million tons, should 30% of that turn out to be recoverable, would bring in 440 million bbls of proven reserves to Sinopec. Adds management very optimistic of gas reserves at Pugang field. UOB Keeps stock as Buy but reviewing target price (previously HK$9.30) due to "sharp increase of proved reserves both from oil and gas". Second most heavily traded stock, with HK$552.5 million.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com (Delayed by 1 hour)