Sino Oil and Gas Holdings' Third Quarter CBM Output Falls

Sino Oil and Gas Holdings Limited on Tuesday announced third quarter CBM production from its Sanjiao project in China stood at 10.97 million cubic meters (mcm) down from 13.10 mcm reported same period last year.

By the end of the third quarter of 2014, the Sanjiao gas project had completed a total of 73 wells, including 40 multi-lateral horizontal wells, while the remaining 33 were vertical wells. Out of the 73 wells, 63 wells under normal dewatering stage, of which 52 wells have accessed to the gas collection pipeline network.

During the period, CBM sales were 10.53 mcm versus 8.06 mcm in the same period last year. CBM sales for the period were composed of industrial piped CBM sales and residential piped CBM sales which accounted for 94.2% and 5.8% respectively.

Sino Gas Oil and Gas Holdings and China National Petroleum Corporation are engaged into the exploration, development, production and sale of coal bed methane and other relevant derivative products in area of approximately 383 square kilometers located in the Erdos Basin of Shanxi and Shaanxi Provinces in China.