Australia's Triple Energy Ltd. reported Monday that the company has entered into a non-binding Letter of Intent (LOI) with Xian Moke Industrial Co. Ltd. (Moke) to acquire 100 percent ownership of Moke and consequently an operating interest in up to four coal bed methane (CBM) blocks located in the Ordos basin of Shaanxi Province in China.
The LOI includes total of four blocks covering around 146 square miles (378 square kilometers) in the Ordos basin of Shaanxi Province in China. The Tongchuan Block already has eight CBM wells drilled with seven currently on test production.
The Wang Feng Block has four wells drilled to date with two on test production and a full field development plan is underway.
This potential acquisition represents a continuation of the Company's strategy, and adds significant near-term growth opportunities.
Wang Feng CBM Block - Shaanxi Province (75 percent interest - Operator)
This block is 31 miles (50 kilometers) from Wang Feng Hancheng City in Northern Shaanxi Province. The underpinning coal mining lease area covers an area of 37 square miles (95 square kilometers). It is located nearby to transportation infrastructure including rails and roads.
The coal seams are well understood having been mapped by an extensive borehole grid of 93 coal borehole wells and seismic. The coal seams targeted are interpreted at depths of between approximately 1,476 and 3,281 feet (450 and 1,000 meters) in a simple relatively unfaulted structure.
The coal seams are interpreted to be stacked in two main levels, which are mapped as ranging between 6.6 and 21.3 feet (2 and 6.5 meters) thick with gas content of between 353.1 and 529.7 cubic feet (10 and 15 cubic meters) per ton.
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