Fortune Oil takes full control of foreign contract rights on Liulin CBM block
16 November 2009
Fortune Oil, the oil and gas group with interests in China, has got its hands on full control of the foreign contractor rights on the Liulin coal bed methane (CBM) block in Shanxi Province.
In a US$6 million cash and share deal, Fortune has acquired a 26.1% stake in Liulin from Molopo Energy of Australia, taking its holding in the foreign contractor rights on the block to 100%.
Independent consultants NSAI recently tripled the probable plus possible reserve estimates in the Liulin CBM block to 86.2 billion cubic feet. An application for reserves certification has been submitted to government for the northern section of the block.
Mr Qian Benyuan, the chairman of Fortune Oil, said the acquisition would enable the company to better plan and control development of the Liulin block. He said it reflected Fortune Oil's confidence that Liulin would be “a cornerstone success story in the development of China's massive CBM resource”.
Separately, Fortune today said it had seen strong growth in volume sales in all of its operations during the third quarter, as China's domestic economy continues to expand. Volumes were up 36% year-on-year, although average sales margins were lower.
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