The ODP of Sanjiao CBM Project Has Been Officially Granted the Approval From NDRC
HONG KONG, CHINA--(Marketwired - Nov 23, 2015) - Leading oil and gas explorer and developer Sino Oil and Gas Holdings Limited (the "Company") and its subsidiaries (collectively the "Group") (HKSE: 00702) today announced the overall development plan ("ODP") of its Shanxi Sanjiao Coalbed Methane ("CBM") Project ("the Project") has received the official approval from National Development and Reform Commission ("NDRC"). The Project is the first CBM Sino-foreign cooperation project of China National Petroleum Corporation ("PetroChina") received NDRC approval. Also, it is the only CBM Sino-foreign cooperation project in the eastern edge of the Ordos Basin, with the richest CBM resources, received NDRC approval.
Reference is made to the "Management Discussion and Analysis: Natural Gas and Oil Exploitation" section in the Interim Report of the Group dated 21 August 2015. It was mentioned that through the Company's wholly-owned subsidiary Orion Energy International Inc. ("Orion"), the Group had entered into a production sharing contract with PetroChina, its partner in the PRC, for exploration, utilization and production of the CBM field in the Sanjiao block, located in the Ordos Basin in Shanxi and Shaanxi provinces. The Group had completed all necessary assessment reports and obtained all required governmental approvals and the final approval of ODP for the development of the Sanjiao CBM project was expected to be granted in the near future.
In respect of the above mentioned Sanjiao CBM project, the Company is now pleased to announce that on 20 November 2015, the Company has received the official written notification from PetroChina that the NDRC has granted the "National Development and Reform Commission: re Shanxi Sanjiao -- Qikou CBM blocks, Foreign Cooperation Project, Overall Development Plan Approval" (the "Approval"). As such, the NDRC has officially given consent to the development of Sanjiao CBM foreign cooperation project with Orion and PetroChina as the parties to this project. The Approval signifies that the Sanjiao CBM project will soon, in accordance with the ODP, commence the sizable development and production with an annual capacity of 500 million cubic meters.
(November 23, 2015 - 4:19 AM EST)
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