Sino Gas & Energy Holdings Limited
(ASX:SEH) is making significant progress towards the development phase and is close to commencement of the pilot programme. The 16 well San-jiao-bei pilot project is nearly complete and first gas is on track for November.
Single well productivity is significantly improving and a second well in the Linxing contract area has recorded significant flow rates underscoring the field-wide deliverability of the reservoir.
Board and management changes have been completed and the energy company says it is well funded with a $US50 million facility with Macquarie Bank. CEO Glen Corrie says Sino has an exciting 12 months ahead and, “is strongly positioned to outperform.”
Sino Gas & Energy reported a net profit of $8.2 million for the half year ended 30th June 2014.
