Further Update on TWE Liuhuanggou Project
Monday, 09 September 2013
Petromin Resources Ltd. was advised today
by TerraWest Energy Corp. (“TWE”) that following a significant period during
which no clarification was provided by CNPC, TWE has deemed the matter an
unresolved dispute and has issued notice to CNPC of referral to arbitration
under the terms and conditions of the PSC. TWE has indicated its actions are
intended to protect the interests of its shareholders and potential economic
benefits from the project.
Reference is made to the announcement dated 17 June 2013 on
the seeking of written clarification by TerraWest Energy Corp. (“TWE”) from China National Petroleum
Corporation (“CNPC”) regarding the coalbed methane (“CBM”) fairway lands within
the Liuhuanggou CBM production sharing contract (“PSC”).
TWE is a private, British Columbia incorporated company,
registered under the BC Business Corporations Act. The Company holds 22.28%
interests 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 according to the PSC Modification Agreement
executed and approved by the Ministry of Commerce of the People’s Republic of
China in 2011.