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XINJIANG CONTRACT This is the first production sharing contract entered with the parent company ( "CNPC" ) after acquisition of the company in 1993. With purpose to assist the company to grow with minimum risk, the project injected is free of exploration risk. The contract zone has proved oil reserve, of which the company starts to share the production immediately after the commencement of the contract. Followings are the key data of the contract, if you need details of the contract, please refer to the circular.
|
| Location |
Acquisition
cost (million Renminbi) |
Sharing % |
¡@ |
| Xinjiang
Uygur Autonomous Region |
Nil (responsible for development costs) |
54 |
| Commencement
date |
Contract
period |
Contract
Area (Sq.Km) |
|
| 1/9/1996 |
12 years |
20 |
¡@ |
| Proved
STOIIP (MM tonnes) |
Recovery
factor |
Estimated
remaining recoverable reserve MM tonnes
(31/12/98) |
API |
| 37.62 |
33 - 45 % |
8.61 (4.65) |
21 (average) |
| YEAR
(Month) |
Sales
volume
(MM tonnes) |
Newly
confirmed increase of STOIIP (MM tonnes) |
Conversion
(Bbl : Tonnes) |
| 1996
( 9 - 12)
1997 ( 1 - 12) 1998 ( 1 - 12) |
173,746
(93,823)
600,018 (324,009) 700,237 (378,128) |
Nil Nil Nil |
6.7810 |
Figures in bracket represent the company's share.
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