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MEDIA RELEASE
Magnus Announces Letter of Intent to Farm-In to Natural Gas Field Development Project in Ningxia Autonomous Region, PRC
Agreement will give Magnus access to proven gas reserves of nearly 8 billion m3
Singapore, 15 May 2007 ? Magnus Energy Group (?Magnus?) announced today that it has entered into a Letter of Intent for a farm-in agreement with oil and gas company Shandong Deshi Petroleum Technology Ltd (?SDPT?) in the Peoples? Republic of China (PRC), in a deal that gives Magnus access to gas assets in the Ningxia Autonomous Region with reserves of almost 8 billion m3.
Under this agreement, Magnus will farm-in into SDPT for a 51% stake in its Ciyaobao Area gas field project, giving it access to a natural gas field development project owned by SDPT in the Ningxia Autonomous Region.
Additionally, Magnus will gain access to Sinopec Oilfield Dynamic Group Ltd (?Sinopec Shengli?), a wholly owned subsidiary of oil giant Sinopec Group, through an agreement signed between SDPT and Sinopec Shengli in April this year for SDPT to develop the Ciyaobao Area gas field for a period of 19 years from date of signing.
?This is a significant agreement for Magnus as it increases extensively our energy holdings in PRC, which already include our ongoing crude oil production project in Jilin province. Margins for gas compared to crude oil production are much higher, and coupled with soaring demand among utilities and transportation in China for gas due to its abundance and ?clean and green? nature, Magnus is well-placed to achieve significant returns from this deal,? said Richard Chan, Managing Director of Magnus.
?Additionally, not only is the Ciyaobao Area gas field a proven field, the deal also allows us to enter into a relationship with Sinopec to explore additional oil and gas development projects that enable us to expand our upstream activities,? said Chan.
Under the agreement with SDPT, Magnus will invest up to RMB50 million in capex within three years, solely for development of the gas project.
| Posted:16May2007 | |
Magnus drill and collect know oil field for China on agreement basic..(oil might give them several years or a limted certain period) while CEnersave is Waste to Enegry (WTE), building it 2nd WTE plant. It 1st plant by now is link to China Grid for electricity useage, it's in progress to plan to built it 3rd & 4th WTE plants, with talk of greening the world. CEnersvae plan to built up to 20th plants and has agree to sell carbon credit to a London Securities firm. All this is going to get full support from Credit Suisse or about 25% vesting interest as share holder. Who know other BBs might oso interest in this growing pie.  |
HeY~!!! Wake Up~!!!! 