VANCOUVER, Feb. 26, 2013 /CNW/ -
Dr. Ross Gorrell reports,
Petromin Resources Ltd. (PTR.V) is pleased to announce that TerraWest Energy Corp ("TWE") has
provided an update of the exploration activities in the field at its
Liuhuanggou coalbed methane ("CBM") project ("2012 Field Program") in
Xinjiang, the People's Republic of China ("China"). The 2012 Field
Program was initiated in early November 2012 and involves drilling,
casing and completing production wells at two key selected locations.
Well LHG12-02 spudded on 11 November 2012. The well, which is located
in the vicinity of previously drilled well LHG10-02, reached the
planned total depth of approximately 750 metres and was cased.
Completion of the well and fracture stimulation of prospective
formations is planned for spring 2013.
The target formation is the Jurassic Badaowan (J1B) which contains
multiple coal seams and prospective surrounding rocks. The well
intersected target coals as planned and initial indications from
geophysical logs show that key zones reflect gas potential as expected
and some surrounding rocks above coal seams show excellent additional
gas potential as well.
As previously reported, Well LHG12-02 is located such that a multiple
pilot production configuration can be considered in the future. In
particular it is planned that wells LHG12-02 and LHG10-02 will
communicate once completed.
Severe winter weather conditions forced cessation of field activities on
8 December 2012. Drilling at LHG12-01, located to intersect and test
the thick coal seams in the Jurassic Xishanyao (J2X) formation on the
west side of Liuhuanggou, was to follow LHG12-02 and due to the weather
conditions will now be initiated in spring 2013.
Key work to follow this drilling campaign includes the completion,
fracture stimulation and production testing of wells.
TWE utilized local drilling service teams for the field program
including drilling, mud logging and downhole geophysics under the
leadership of their Canadian drilling expert and an experienced Chinese
Petromin is believed to be the only Canadian junior public company
listed on the TSX Venture Tier One Board (PTR.V) to have an interest in
China's Massive Coalbed Methane ("CBM") / Shale Gas Production Sharing
Contracts ("PSC"). Petromin's interest is held through its current
22.28% ownership in TWE. TWE holds a 47% interest in and is the
operator of the Liuhuanggou CBM production sharing contract ("PSC")
located in the Junggar Basin of Xinjiang, China. China National
Petroleum Corporation ("CNPC") holds the remaining 53% of the PSC. The
PSC is now administered by PetroChina Coalbed Methane Company Ltd., an
indirect subsidiary of CNPC. The PSC covers 653 square kilometres (255
square miles) and is located adjacent to the city of Urumqi, the
capital of Xinjiang Uyghur Autonomous Region, China.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Petromin Resources Ltd.
For further information:
PETROMIN RESOURCES LTD.
1120-1090 W. Pender Street
Vancouver, B.C. V6E 2N7
Telephone: (604) 682-8831 Fax: (604) 682-8683