Singapore-listed RH Petrogas Ltd., the ultimate holding firm of Kingworld Resources Ltd. (KRL), provided Thursday an update on the KRL-operated Fuyu 1 Production Sharing Contract (PSC) in the Songliao Basin, Jilin Province, China.
KRL has completed drilling 14 development wells in Fuyu 1 Block, covering an area of approximately 98.5 square miles or 255 square kilometers, as of Oct. 31. Another 13 wells are scheduled to be drilled in the fourth quarter, which will bring the number of wells to be drilled to 27.
"This is less than the 40 wells budgeted for in the approved work program 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," RH Petrogas said in the press release.
As of Nov. 12, RH Petrogas said a total of 29 development wells have been completed since the Overall Development Plan was approved by the Chinese government in October 2014.
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