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| To Accelerate Strategic Cooperation on the Exploration and Development of Gas and Oil Wells |
HONG KONG, Apr 27, 2017 - (ACN Newswire) - Persta Resources Inc. ("Persta Resources" or the "Company," stock code: 3395), a Calgary-based energy company principally engaged in natural gas and crude oil exploration and production, with a focus on natural gas, is pleased to announce that, on 24 April 2017, the Company has entered into a non-binding Memorandum of Understanding (the "MOU") with CNOOC Energy Technology & Services Limited ("Cenertech"), a subsidiary of the internationally-renowned oil and natural gas producer CNOOC Limited. The signing of the MOU forges strategic cooperation for both parties on the exploration and development of gas and oil wells in Canada.
 | | Mr. Le BO, Chairman and Executive Director of Persta Resources (left on the front row) and Mr. JU Chengke, representative of CNOOC Energy Technology & Services Limited (right on the front row) sign a MOU to establish a strategic partnership of the two companies. |
The MOU has set forth the main guidelines and principles relating to both parties' cooperation on the exploration and development of gas and oil wells in the core areas in Alberta Foothills, Deep Basin Devonian and Peace River, all located in Alberta, Canada. Through the cooperation, the parties are to: a) jointly develop main surface production facilities including but not limited to gas gathering systems and gas processing facilities from engineering to construction and commissioning; b) set up a joint project management team with specialized expertise and skills to execute its joint projects safely, cost-effectively and on schedule; c) jointly operate and manage the Company's facilities to optimize facilities performance and lower operating costs; d) jointly drill and complete wells in the areas of cooperation which will be discussed on a case-by-case basis; and e) engage Cenertech for the provision of oilfield integrated services in the areas of technology, health and safety, environment, logistics and other related areas. In addition, the MOU has outlined future activities to be carried out by both parties regarding the future cooperation on the exploration and development of gas and oil wells in the Western Canada Sedimentary Basin.
Cenertech is a comprehensive industry group engaged in the provision of energy technology services, FPSO production technology services, energy logistics services, safe, environmentally-friendly and energy-saving products and services. Leveraging the development of the energy industry, Cenertech's business covers most components from upstream to downstream along the oil and gas industry chain, and encompasses four core business segments, namely energy technology services, FPSO production technology services, energy logistics services, and safe, environmentally-friendly and energy-saving. Cenertech is an innovative enterprise capable of providing one-stop services facilitating sustainable development.
About Persta Resources Inc. (stock code: 3395)
Persta Resources Inc. is a Calgary-based company principally engaged in natural gas and crude oil exploration and production, with a focus on natural gas. It focuses on long-term growth through acquisition, exploration, development and production in the Western Canadian Sedimentary Basin ("WCSB").
It commenced operations in March 2005 with the objective of building a successful Canadian natural gas and crude oil exploration, development and production company with a long-term business strategy. It acquired its first 6,400 net acres of land in an area in the WCSB in January 2007 known as the Alberta Foothills and drilled and commercially produced liquids-rich natural gas from its first deep well in this area in December 2008. Its natural gas and oil production rate has grown organically since then. As of December 31, 2016, it held 114,528 net acres of land in the WCSB, which it intends to explore through drilling in locations listed in its multi-year inventory.
For press enquiries:
Strategic Financial Relations Limited
Joanne Lam Tel: (852) 2864 4816 Email: joanne.lam@sprg.com.hk
Hawaii He Tel: (852) 2864 4847 Email: hawaii.he@sprg.com.hk
Davis Li Tel: (852) 2864 4892 Email: davis.li@sprg.com.hk
Fax: +852 2527 1196
Topic: Press release summary
Source: Persta Resources Inc.
Sectors: Daily Finance, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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