Published: December 06, 2012
Ivanhoe Energy Receives Ministry of Commerce Approval to Transfer China's Zitong Block
CALGARY, Dec. 6, 2012 /PRNewswire/ - Ivanhoe Energy Inc. (TSX: IE; NASDAQ:
IVAN) announced today that its wholly owned subsidiary, Sunwing Zitong
Energy (Sunwing), has received approval from the Ministry of Commerce
of the People's Republic of China (the Ministry) to transfer its
participating interest in the Contract for Exploration, Development and
Production in the Zitong Block, Sichuan Basin, to Shell China
Exploration and Production Co. (Shell).
The Ministry's approval was received on November 28, 2012, setting the
stage for the Company to increase its pre-tax working capital by
USD$105 million. To complete the transfer Sunwing and Shell will
finalize a number of administrative matters within the next two weeks,
as per the definitive Sale and Purchase Agreement.
To read the complete release at NewsBlaze,
Ivanhoe Energy Receives Ministry of Commerce Approval to Transfer China's Zitong Block,
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