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Sentry Petroleum Ltd today (January 13) announced it has opened a corporate office in Hong Kong as the next step in its strategy to drill, certify and sell its Queensland assets overseas.
Sentry Petroleum Ltd is an American energy company with 10,600 square miles of oil, gas and coal seam gas rights in Queensland, Australia.
Based in Hong Kong, the Chief Financial Officer of Sentry Petroleum Ltd, Dr Paul Boldy, said, "Hong Kong was the largest IPO market in the world in 2010 with over HK$445 billion (US$57 billion) of new capital raised. The financial market here is booming and extremely vibrant. The Mainland's demand for energy continues to set new records. We have every expectation that this appetite for energy will continue for the foreseeable future, forming an excellent platform from which we can implement our corporate strategy."
Sentry Petroleum Ltd's President and CEO, Dr Raj Rajeswaran, said, "We are experiencing direct impact from the growth in China. Chinese national energy firms have been given a clear mandate to secure resources internationally. Most recently the Chinese National Offshore Oil Company (CNOOC) took a major equity position in several permits immediately adjacent to Sentry leases in Queensland. With a corporate forward position now established in Hong Kong we are very excited about the prospects for Sentry during the next 12 to 18 months."
Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Andrew Davis, said, "Hong Kong's enduring advantages as a stepping stone to the Mainland are key attractions for companies like Sentry as they expand their operations in the region."
Mr Davis added, "These advantages facilitate overseas companies to expand their businesses into regional markets, especially those of Mainland China. We are delighted to have Sentry's investment in our city. We wish the company every success in the future and look forward to its further expansion."
About Sentry Petroleum Ltd
Sentry Petroleum Ltd is an American energy company with 10,600 square miles of oil, gas and coal seam gas rights in Queensland, Australia. The company has identified over 50 separate oil, gas and coal seam gas targets and leads within its permit area. Sentry Petroleum's strategy is to drill the prospects and leads and independently certify the results. The company will continue to leverage its strengths with a vision of becoming a premier independent oil and gas company positioned for merger or sale. For more information, please visit www.sentrypetroleum.com.
About Invest Hong Kong
Invest Hong Kong is the department of the Hong Kong Special Administrative Region (HKSAR) Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. As it celebrates its 10th anniversary, Invest Hong Kong has completed over 2,100 investment projects creating over 26,000 new jobs in the first year of operation or expansion and HK$56 billion of investment. For more information, please visit www.investhk.gov.hk.
Ends/Thursday, January 13, 2011
Issued at HKT 16:33
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