Leyshon Resources Limited (LRL) is very pleased to announce that it expects to finalise terms shortly to acquire a company which holds a 100% interest in the Zijinshan Production Sharing Contract located on the eastern fringe of the prolific Ordos Gas Basin in Central China. Respected industry advisor RISC has advised that in its view the Zijinshan Gas Project contains gross prospective resources that are potentially large due to the confirmation of the presence of unconventional gas, with in place estimates in the range 1 to 3.8 Trillion Cubic Feet.
Under the proposal Leyshon will acquire a 100% interest in Hong Kong Company Pacific Asia Petroleum Limited (PAPL) from Houston based CAMAC Energy Inc. Leyshon is currently undertaking final due diligence and the parties are expecting to finalise a Share and Purchase Agreement to complete the transaction by the 27th July. PAPL is well established in the Oil and Gas Exploration sector in China and under the proposed terms of the acquisition its experienced technical team will be retained. The team has already completed four wells under the Zijinshan Production Sharing Contract, two of which have been cased, and acquired 160 kilometres of 2 D seismic data which has been used to identify several major gas exploration targets.
Tags: acquisition, Leyshon Resources, LRL, Oil and Gas
