Leyshon Energy Limited Update On Current Activities (2569G)
06 Maio 2014 - 3:03AM
UK Regulatory
TIDMLEN
RNS Number : 2569G
Leyshon Energy Limited
06 May 2014
6 May 2014
Update On Current Activities
Leyshon Energy Limited (AIM:LEN) is pleased to provide the
following update on the Company's activities. Following the
successful completion of the demerger and the Company's Admission
to AIM in January of this year the Company has undertaken a
detailed review of the planned exploration and appraisal programme
of the Zijinshan gas project and has actively progressed its
interest in a number of acquisition opportunities in the
region.
Zijinshan Gas Project - Commencement of Interim Testing
Programme.
The Company has recently reached an agreement with its partner,
which remains subject to the finalization of documentation, whereby
it will undertake an interim testing programme on the Zijinshan
project before making a decision whether to commit to the main
exploration and appraisal programme.
The purpose of the interim testing programme is to test the gas
and water properties in wells ZJS5 and ZJS6, and to flow test well
ZJS7. Depending on favourable results from the programme it is
planned to drill and flow test a further well, ZJS8, in a location
in the northern part of the license area. The programme is expected
to commence shortly and will be completed by the end of August this
year at an estimated cost of up to US$3 million.
The US$17 million main programme is an exploration and appraisal
programme which comprises drilling, fracking and flow testing three
wells with the remainder of the costs covering PSC maintenance and
geological costs. The programme, which may well be modified to
reflect results, is designed to upgrade the existing resources such
that a Chinese Reserve Report can be obtained.
Acquisition of Oil and Gas Assets in China
As previously advised the Company has been actively pursuing a
number of acquisition and investment opportunities in the oil and
gas sector in China.
There are a number of divestment processes underway for assets
in the region for which the Company has made significant progress
in advancing its interest in the normal course of business. A
number of these discussions are in hand. There is no indication
whether this will lead to a commercially binding transaction.
Chairman John Manzoni commented: "We are delighted to be able to
recommence activities on the Zijinshan project and look forward to
reporting results as they come to hand. We remain very active on
the acquisition front and are pleased at the strong financial
support we have received to date for the potential acquisitions we
are working on."
For further information please contact:
Leyshon Energy Limited
Peter Niu Company Secretary
Tel: + 86 10 8444 2882
admin@leyshonenergy.com
Cantor Fitzgerald Europe
David Porter/Rick Thompson (Nominated Adviser)
Richard Redmayne (Corporate broking)
Tel: +44 207 894 7000
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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