Asian Activities Report for May 4, 2011: China National Petroleum Corporation (HKG:2963) To Invest In Liquefied Natural Gas Limited (ASX:LNG)
Sydney, Australia (ABN Newswire) - Liquefied Natural Gas Limited (ASX:LNG) has executed a Share Placement Agreement with a wholly owned subsidiary of China National Petroleum Corporation (HKG:2963) (PINK:CNPXF), China's largest producer and supplier of crude oil and natural gas. China National Petroleum Corporation will subscribe for 53,250,000 shares to obtain approximately 19.9% holdings in Liquefied Natural Gas Limited. The proceeds will fund the development of the 3 million tonne per annum Fisherman's Landing liquefied natural gas project wholly owned by Liquefied Natural Gas Limited in Queensland.
Tap Oil Limited (ASX:TAP) has agreed to sell a 25% interest in the highly prospective WA-351-P exploration permit in Western Australia to Japan Australia LNG Pty Ltd, an Australian-based company owned equally by Mitsubishi Corporation (TYO:8058) and Mitsui & Co., Ltd.(TYO:8031). The sale is expected to generate a net A$26 million for Tap Oil and its holding in the permit will reduce to 20%. BHP Billiton (ASX:BHP) (NYSE:BHP) will retain a 55% interest as the Operator. The permit has an estimated potential of 2-3 Tcf of natural gas and drilling is expected in late 2011 or early 2012.
Orocobre Limited (ASX:ORE) (TSE:ORL) announced the results of its definitive Feasibility Study of the Salar de Olaroz lithium-potash brine project in Argentina. The Project has a large resource base of 6.4 million tonnes of lithium carbonate and is expected to initially produce 16,400 tonnes of battery grade lithium carbonate and 10,000 tonnes of potash per annum. Orocobre will finalise the Joint Venture Agreement and financing with partner Toyota Tsusho Corporation (TYO:8015) to move the project to commercial production.
AusQuest Limited (ASX:AQD) is currently undertaking major drilling programs to test priority gold prospects at Comoe Project in Burkina Faso. Initial assay results indicated the potential presence of a large gold mineralised system which is open in all directions. First assays from key diamond drilling program are expected in early May.
Source:
ABN http://www.abnnewswire.net
Contact:
Asia Business News
Tel: 61-2-9247-4344
http://www.abnnewswire.net
