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Succeeded in the Bid to Provide Drilling Oil Services of CAGS’s Research Well

soruce:manager    click:4577    time:2013-10-31

October 30, 2013, Hong Kong - A leading global land drilling rig manufacturer – Honghua Group Ltd. (Stock Code: 196.HK) (“Honghua” or the “Group”), today announced that its wholly-owned subsidiary, Honghua Oil and Gas Engineering Services (Sichuan) Company Linited (“Honghua Oil Services”) has won the bid for a pilot research well project in Songliao Basin. The result was released by Institute of Exploration Techniques (“CNIET”) of Chinese Academy of Geological Sciences (“CAGS”). The bid was the second Cretaceous research well in Songliao Basin. The service contract of this project valuing approximately RMB 29 million will be signed later. In accordance with the bidding result, Honghua Oil Services will provide CNIET with the drilling services of research well for a period of 2 to 3 years.

 

Pursuant to which, Honghua Oil Services will provide CAGS the drilling service for a well with drilling depth amounted to approximately 6,400m. In addition, a complete set of rig equipment, which includes hydraulic top drive, automatic Pipe Handling system, automatic pipe set up system and etc., is self-developed by Honghua and Jilin University. This project is the third pilot project in China, which is funded by ICDP, as well as a pilot project of Surveying and Mapping Management and Services of Ministry of Land and Resources of the PRC on the issue of Deep Continental Scientific Drilling equipment development. It aims to investigate the greenhouse climate and environmental changes of the Earth far from 65 million to 140 million years ago, in order to build a solid foundation to support the development of Daqing oil in the next 50 years; to acquire scientific data of geophysical parameters in 6,400m of Songliao basin; provide the scientific “guideline” for geophysical exploration of Songliao basin and other related basins.

 

Mr. Liu Zhi, Vice President of Honghua and Chairman of Honghua Oil Service, said, Honghua puts great emphasis on the development of oil and gas engineering services business. Leveraging Honghua’s strong R&D and productivities, as well as the increasing professional technical level, it will bring sustailable momentum for the Group’s overall business. CAGS has a strong team on engineering research and development. Through the cooperation, it will not only lay down a foundation for our joint research and development, but also deepen the drilling technological capabilities of Honghua  and enhance the quality of the Group’s oil services team, hopefully fulfilling different client’s needs. Since 2013, the development of Honghua oil services has achieved a promsing results. Honghua Oil Services teams have been constanly growing. As of now Honghua Oil Service has 22 sets of large-scale drilling (5,000 meters above), operating in Xinjiang, Northeast China, Inner Mongolia in China and Iraq respectively. In the furture, Honghua Oil Service will take full advantage of market opportunities, with a strong independent research and development as well as service capabilities, to achieve further expansion of the business, in order to create greater shareholder returns.

 

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About Honghua Group Limited (Stock Code: 196.HK)

Honghua is one of the largest land drilling equipment manufacturers in the world, which is primarily engaged in manufacturing conventional land drilling rigs, digital drilling rigs, accessories of drilling rigs, as well as the parts and components which are for the drilling rigs or for the maintenance of the drilling rigs in operation. Leveraging on the strong R&D strength, high-quality production facilities and mature international sales network, the Group’s products have been sold to a large number of famous enterprise all over the world, including major oil-production regions such as North America, Middle East, and emerging markets including South America, India, Russia, China, Africa and etc. In 2012, the first phase (stage 1) of the construction of the base located in Qidong County, Jiangsu Province has been completed and the base has the manufacturing capabilities to receive offshore drilling platform orders. Based on the existing solid foundation of the drilling rigs equipment, Honghua will implement diverse development strategies, and expand to become the integrated enterprise which is involved in the interaction development of three major sectors, including onshore and offshore areas, equipment manufacturing and oil and gas resources development (especially the unconventional oil and gas area), as well as the engineering services.

 

 

About Institute of Exploration Techniques, CAGS

Institute of Exploration Techniques, CAGS established in Beijing in 1957, is the first Exploration Engineering (Rock & Soil Drilling and Tunneling), technology application and development of scientific research institutions in China. It primaly engages in the application and development on exploration and geotechnical engineering Drilling and Tunneling technology, and processes the largest and comprehensive strongest of scientific research and development team in the PRC.

 


For further information, please contact:

 

Honghua Group Limited

Ms. Xiaoqi JI

Tel: (86 28) 8601 5242

Fax: (86 28)8601 3847

Email: jixq@hhcp.com.cn/ ir@hhcp.com.cn

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