Oil & Gas

RH Petrogas' acquisition of the entire issued share capital of Kingworld Resources Limited ("KRL") - which had on 12 November 2007 entered into a production sharing contract ("PSC") with China National Petroleum Corporation ("CNPC") to jointly develop and produce hydrocarbon resources in Block 1 of Fuyu in the Songliao Basin, Jilin Province, the PRC ("Fuyu 1 Block") - launches the Group’s diversification into the oil and gas industry, with the aim of being an independent oil and gas operator in the region.

Fuyu 1 Block is the first oil and gas project of the Group. Apart from the rich crude oil resources available at Fuyu 1 Block, the Group will continue to explore various opportunities to strengthen our new crude oil and gas business.