Aolong Prepares to Drill Niaoshan-1 Well in China's Heilongjiang Province

Triple Energy Limited, an Australian oil and gas exploration company, provided Monday an update on drilling activities at Niaoshan-1 well in China’s Heilongjiang province.

Drilling Operations

The Aolong Joint Venture (80 percent profit interest to Triple) and coal seam gas- (CBM) specialist drilling company Beijing JiuZun Energy Technology Co. Ltd. (JiuZun) have now arranged for the drill pads and roads to be constructed and the rig has been mobilized to the site of the first of 2 wells to be drilled during 2015. As previously announced and approved by Triple Shareholders, fixed price consideration for the 2015 drilling and testing operations is in the form of Performance Shares, which will vest upon the completion of the program.

The first of these wells (Niaoshan-1), will be drilled in the Bird Mountain area, located around 1.2 miles (2 kilometers) from the previous Xian Xian-1 well drilled in 2013. The well is targeting several major coal seams for intersection which will be cored for desorption analysis, fracced and production tested.

This well is planned to be drilled to a depth of approximately 4,265 feet (1,300 meters), which is expected to take around 6 weeks, inclusive of coring and fraccing.

The second well of 2015 will follow with the same rig once operations at Niaoshan-1 are complete. A further update will be made as soon as drilling commences and thereafter as material developments occur.


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