Singapore-listed RH Petrogas Limited, the holding company of Kingworld Resources Limited (KRL), provided an update Friday on the project undertaken by KRL at Fuyu 1 Block in the Songliao Basin, Jilin Province, China.
China National Petroleum Corporation (CNPC) has approved KRL's Overall Development Plan (ODP) of the phased development of the Yongping Field in the Fuyu 1 Block in August. CNPC has in turn submitted the ODP to the National Development and Reform Commission (NDRC).
Following NDRC’s request for additional studies pursuant to new internal requirements, KRL has completed and submitted the required information to CNPC for its submission to NDRC.
"The company has on Oct. 11 received NDRC's approval for such supporting studies," RH Petrogas said in an announcement on the Singapore Exchange.
RH Petrogas expects to receive final approval from the NDRC for the ODP in the fourth quarter of 2013. Development drilling and commercial production at Yongping Field will commence after the approval is given. CNPC has given its support for pre-development preparation, including the procurement of items with long lead times.
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