(EQS-News / 28/08/2015 / 11:23 UTC+8)
[For Immediate Release]
Good Progress of Drilling at Tuzi 4 Deep Well in Xinjiang
with Rich Gas Reserves Discovered
(27 August 2015 - Hong Kong) Brightoil Petroleum (Holdings) Limited ("Brightoil Petroleum" or the "Group"; stock code: 933.HK) is pleased to announce that the drilling at its new deep well at Tuzi Gas Field in Xinjiang, i.e., the Tuzi 4 Deep Well, is progressing positively. The well is designed to reach the Jurassic Ahe Formation, which was expected to be at a depth of 4,270 meters. The drilling has now reached the formation at a depth of 4,170 meters. During the drilling rich gas reserves were discovered, thereby laying a solid foundation for the Group's upstream development.
Promising gas reserves were detected at the Jurassic Kizilnur Formation at a depth of about 3,210 meters and at the Yangxia Formation at a depth of 3,700 meters. While the overlaying mud pressure on top of the Kizilnur Formation was as high as 66 MPa, daily gas production is estimated to be 80,000 cubic meters per well and while the overlaying mud pressure on top of the Yangxia Formation was as high as 81 MPa, the daily gas production is estimated to be 150,000 cubic meters per well. The Group's natural gas reserves will see a significant boost upon completion of the Tuzi 4 Deep Well, and will hence strengthen the cross-sector development of upstream operations.
Dr. SIT Kwong Lam, Chairman of Brightoil Petroleum, said, "The wide fluctuations in the energy market are creating valuable opportunities for the Group to expand its upstream business. With an aim of developing Brightoil Petroleum into a renowned international resource-based energy conglomerate, we will actively explore various viable ways to boost our oil and gas reserves as well as production, which would thereby reinforcing our upstream operations. The smooth progress of the drilling work at the Tuzi 4 well marks a milestone for us in achieving this goal."
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About Brightoil Petroleum
Brightoil Petroleum (Holdings) Limited is a resource-based energy enterprise focusing on upstream oil and gas resources exploration, along with further developments midstream and downstream. The Group is principally engaged in the exploration, development and production of Upstream Oil and Gas Fields, Marine Transportation, Oil Storage and Terminal Facilities and International Trading and Bunkering Business.
The Group has three oil and gas field projects in its portfolio, including Dina 1 Gas Field, Tuzi Gas Field and Caofeidian Oil Field in Bohai Bay. The Group's interest in 2P reserves is expected to reach approximately 93.9 million barrels of oil equivalent. When all these three areas are in full operation, Dina 1, Tuzi and Bohai will reach a daily net production of approximately 25,000 barrels of oil equivalent, and an annual net production of approximately 9 million barrels of oil equivalent.
The Group currently operates four Aframax Oil Tankers and five VLCCs, and has a total capacity exceeding 2 million metric tonnes.
The Group's oil storage facility on Waidiao Island in Zhoushan, with a total capacity of 3.16 million cubic meters, is under construction. The terminal facility will be equipped with 13 berths which can accommodate vessels from 1,000 to 300,000 deadweight tonnage. Meanwhile, the Group's oil storage facility on Changxing Island in Dalian, with a total capacity of 7.19 million cubic meters, is also under construction. The terminal facility will be equipped with 13 berths to accommodate vessels from 1,000 to 300,000 deadweight tonnage.
The Group is one of the largest marine bunkering service providers in China with services expanded to global ports. The Group's tradable range of products is diversified into fuel oil, crude oil, gas oil, as well as petrochemical and the related petroleum products.
The Group will continue to develop its Upstream business by stretching its tentacles into the exploration, development and production of oil fields with a view to becoming one of the leading resources-based energy conglomerates in the world.
Brightoil Petroleum has been included in the Hang Seng MidCap Index, effective from 9 March 2015. |
For additional information about Brightoil Petroleum, please visit the Company's website at www.brightoil.com.hk.
Press Release distributed by: Brightoil Petroleum (Holdings) Limited
For media enquiry, please contact: Hill+Knowlton Strategies Asia Fax: (852) 2576 1990
David Shiu Tel: (852) 2894 6372 david.shiu@hkstrategies.com
Jobie Cheung Tel: (852) 2894 6260 jobie.cheung@hkstrategies.com
End of Press Release
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Document: http://n.equitystory.com/c/fncls.ssp?u=OAVAITVTDL
Document title: Good Progress of Drilling at Tuzi 4 Deep Well in Xinjiang with Rich Gas Reserves Discovered
Key word(s): Miscellaneous
28/08/2015 UTC+8 Dissemination of a Press Release, transmitted by EQS TodayIR - a company of EQS Group AG.
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