Triple Energy (ASX:TNP) and its partners have executed a contract with Beijing Jiuzun Energy Technology Co Ltd (Jiuzun Energy) for the drilling and technical services for two coalbed methane wells in the Hegang area of China’s Daqing Basin.
Payment for the drilling services are the responsibility of Blue Sky Power Holdings, in consideration for which the company will issue 595,264,168 shares priced at $0.006 each.
The drilling contract covers drilling, coring, drill stem testing and fracturing operations for two wells in the Hegang mine areas to depths of between 800 metres and 1,000 metres.
Once drilled, both wells will be production tested for six months.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.
