The Board of Directors of RH Petrogas Limited, the ultimate holding company of Kingworld Resources Limited (KRL), wishes to provide the following update on the project undertaken by KRL at Fuyu 1 PSC in the Songliao Basin, Jilin Province, the People’s Republic of China, which covers an area of approximately 255 square kilometres (Fuyu 1 Block), for the three months ended 31 October 2015:-

As of 31 October 2015, 14 development wells were drilled and completed in 2015, with another 13 wells planned to be drilled in the fourth quarter. This is less than the 40 wells budgeted for in the approved work programme as the Company seeks to optimize its capital spending due to the prevailing low oil prices. KRL will continue to monitor the oil price environment and review its plans accordingly.

Tags: RH Petrogas Limited