RH Petrogas receives approval of Overall Development Plan from CNPC for development of its Yongping field, Fuyu 1 Block, Chin

abarrelfullabarrelfull wrote on 23 Aug 2012 10:18
Tags: asia china cnpc rh-petrogas upstream

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Mainboard-listed RH Petrogas Limited (“RHP” or the “Group”), engaged mainly in the business of exploration, development and production of oil and gas resources, wishes to announce that Kingworld Resources Limited (“KRL”), a wholly owned subsidiary of the Group, has received approval from China National Petroleum Corporation (“CNPC”) for the revised Overall Development Plan (“ODP”) with regards to the phased development of the Yongping Field in the Fuyu 1 Block in the Songliao Basin, Jilin Province, the People’s Republic of China.

CNPC will submit the ODP for final government approval from the National Development and Reform Commission (“NDRC”) and the approval is expected to be obtained in the fourth quarter of 2012 barring any unforeseen delays. Field development and commercial production will commence immediately after NDRC approval. “We are very pleased to receive the approval of the revised ODP from CNPC, which represents a significant milestone for the Group. We are now one final step away from commercial production of oil and gas at the Fuyu 1 Block.

In addition to the progress made in the Fuyu 1 Block, completion of the shareholder debt conversion as announced on 13 August 2012 will significantly strengthen the Group’s balance sheet and free up debt capacity for future projects. We are positive on the outlook of oil prices which have been sustained at healthy levels and the Group shall continue to look for opportunities to implement its growth strategies in order to enhance shareholders value.”

Dr Tony Tan, Chief Executive Officer, RHP

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