Brightoil Petroleum＇s Tuzi Luoke Gas Field Officially Commences Production

Brightoil Petroleum (Holdings) Limited (“Brightoil Petroleum” or the “Group”; stock code: 933.HK) announced that the Tuzi Luoke Gas Field (“Tuzi Gas Field”), jointly developed by the Group’s wholly owned subsidiary, Win Business Petroleum Group (Grand Desert) Limited (“Win Business Petroleum”), and China National Petroleum Corporation (“CNPC”), officially commenced production on 7 December 2013. Representatives of the Group and CNPC attended the commissioning ceremony held in Xinjiang.

The National Development and Reform Commission (“NDRC”) approved the Overall Development Plan (“ODP”) of the Tuzi Gas Field, located in Luntai County in the Xinjiang Uygur Autonomous Region, in late 2012. According to the ODP, the Tuzi Gas Field is expected to yield approximately 14.1 billion m3 of natural gas during its 20-year production period. The Tuzi Gas Field has officially commenced production and a total of five wells will commence production on 1 January 2014 with total natural gas output expected to reach 750,000 m3/day.

Dr. Sit Kwong Lam, Chairman and CEO of Brightoil Petroleum, said, “The Tuzi Gas Field, one of the most important projects in the Group’s upstream business, will create economies of scale and synergies together with the Group’s Dina 1 Gas Field, which is also located in Xinjiang, and that will result in improved efficiencies associated with the daily operations of these two projects to generate steady revenue in the coming future.”

(todayir.com, edited by Topco)