Ivanhoe Energy Announces Testing of Xu-5 Formation at Zitong-1 Well in China to Commence

abarrelfullabarrelfull wrote on 14 Feb 2011 07:45
Tags: china ivanhoe upstream

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David Dyck, President and Chief Operating Officer of Ivanhoe Energy Inc. (TSX: IE, NASDAQ: IVAN) and Gerald Moench, President of Sunwing Energy Ltd., announced today that following the Chinese New Year holiday, Sunwing Energy has resumed site operations at its Zitong-1 well and is preparing to perforate and test the Xu-5 Formation.

Test results are expected before the end of February.

Sunwing is the operator of the 659,840-acre (1,031 square miles) Zitong exploration block in Sichuan, and holds a 90% interest in a Petroleum Contract with PetroChina Company Limited. Mitsubishi Gas Chemical Company of Japan holds the remaining 10% interest.

Ivanhoe Energy Inc. is an independent, international heavy oil development and production company
focused on pursuing long-term growth in its reserves and production using advanced technologies,
including its proprietary, patented heavy to light upgrading process (HTL™). Core operations are in
Canada, Ecuador, China and Mongolia, with business development opportunities worldwide. Ivanhoe’s
shares trade on the NASDAQ Capital Market with the ticker symbol IVAN and on the Toronto Stock
Exchange under the symbol IE.

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