Petromin Resources On Update of TWE; Petromin Edged Off Yr Lows Today

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Petromin Resources Ltd. (PTR.V), which rose 1 cent from a year low 4 cents Monday, said just before the close of trade Monday it was advised today by TerraWest Energy Corp. that TWE is seeking written clarification from China National Petroleum Corporation regarding the coalbed methane fairway lands within the Liuhuanggou CBM production sharing contract. Until such clarification is received, TWE will delay the start of CBM operations for 2013.

The company holds 22.28% interest in TWE. TWE holds a 47% interest in and is the operator of the Liuhuanggou CBM PSC located in the Junggar Basin of Xinjiang, China. CNPC holds the remaining 53% of the PSC. The PSC is now administered by PetroChina Coalbed Methane Company Ltd., an indirect subsidiary of CNPC.



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This article appears in: Investing , Commodities

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