On 23 December 2011, Orion Energy International Inc. (¡§Orion¡¨), a wholly-owned subsidiary of the Group, entered into a financing agreement with CDB Leasing Co., Ltd. (¡§CLC¡¨), a company under CDB. Pursuant to the agreement, CLC shall provide to Orion financing in the total amount of RMB 1 billion, to be drawn down over two years and with a term of five years. The financing will support the Group¡¦s development and operation of the Sanjiao Block CBM project.
Sino Oil and Gas Holdings Executive Director and Chief Executive Officer Mr. King Hap Lee said: ¡§As announced on 15 November, an independent report issued by a competent person endures that the aggregate of the proved reserves, probable reserves plus possible reserves of the CBM field attributable to Orion reach an amount of not less than 669.5 bcf., a 15% increase over the aggregate of such reserves included in the circular at the time of the acquisition. The granting of project financing from CDB will ensure a reliable, abundant and cost-effective source of funding for the Sanjiao Block project, which is positive and critical to expediting the project¡¦s pace of development and commercialization. Management will utilize the funding from CDB in a bid to optimize returns for shareholders.¡¨
About Sino Oil and Gas Issued by : Through :
Sino Oil and Gas Holdings Limited (HKEx: 702) is an energy company with a key focus on oil, coalbed methane (CBM) and conventional natural gas. The Group is committed to building a portfolio of oil and gas assets and operations with the aim of developing into one of the leading independent oil and gas companies in Greater China. The Group currently operates oil and gas fields in Shaanxi and a CBM project in Sanjiao Block in Erdos Basin of China.
Sino Oil and Gas Holdings Limited
t6.communications limited
Jenny Lee or Angus Ho
tel: 2511 8388 / fax: 2511 8238
email: enquiry@t6pr.com
URL : http://www.t6pr.com