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LENG JIAPU CONTRACT This is the second production sharing contract entered with CNPC in 1998. Similar to the first contract, the contract zone has proved oil reserve, of which the company starts to share the production immediately after the commencement of the contract. Additionally, the contract zone is a new production area with potential to confirm new STOIIP. 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 % |
¡@¡@ |
| Liaohe,
Liaoning province |
1,008 |
70 |
| Commencement date |
Contract period | Contract Area (Sq.Km) |
¡@¡@ |
| 1/3/1998 |
20 years |
270.8 |
| Proved
STOIIP (MM tonnes) |
Recovery
factor |
Estimated
remaining recoverable reserve (31/12/98) |
API |
| 138.23 |
16.3 % (average) |
16.80 (11.76) |
11-20
(heavy)
22-32 (light) |
| YEAR
(Month) |
Sales
volume
(MM tonnes) |
Newly
confirmed increase of STOIIP (MM tonnes) |
Conversion
(Bbl : Tonnes) |
| 1998
( 3 - 12) |
978,378
(684,865) |
14.74 (10.32) |
6.5718 |
Figures in bracket represent the company's share.
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