Update of TWE
Monday, 17 June 2013
Ltd. was advised today by TerraWest Energy Corp. (“TWE”) that
TWE is seeking written clarification from China National Petroleum Corporation
(“CNPC”) regarding the coalbed methane (“CBM”) fairway lands within the
Liuhuanggou CBM production sharing contract (“PSC”). Until such clarification
is received, TWE will delay the start of CBM operations for 2013.
The Company holds
22.28% interest in TWE. TWE holds a 47% interest in and is the operator of the
Liuhuanggou CBM PSC located in the Junggar Basin of Xinjiang, China. CNPC holds
the remaining 53% of the PSC. The PSC is now administered by PetroChina Coalbed
Methane Company Ltd., an indirect subsidiary of CNPC.