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Ivanhoe Energy Inc. (IVAN) Reports Successful Natural Gas Well in China

Ivanhoe Energy Inc. reported the successful completion of a natural gas well at the company’s properties in China.

Ivanhoe Energy Inc. said that the Yixin-2 well produced natural gas at a peak rate of 13 million cubic feet per day, with average production between 9 and 10 million cubic feet per day during a 24 hour test period. The well targeted the Xu-4 formation and has been shut in to allow pressure build up.

Ivanhoe Energy Inc. reported that the Yixin-2 well was drilled and completed on the Zitgong block located in Sichuan, China. The Zitgong block is approximately 660,000 acres in size and has been producing oil and gas for years from various formations.

The Yixin-2 well was drilled by Sunwing Energy Ltd., a wholly owned subsidiary of Ivanhoe Energy Inc. Sunwing Energy Ltd. is the operator of the block and holds a 90% interest in a contract with PetroChina Company Limited. Mitsubishi Gas Chemical Company of Japan owns the other 10% of the block.

The management of the company was enthusiastic about future wells on the Zitgong block. David Dyck, the Chief Operating Officer of Ivanhoe Energy Inc., said, “We’re very pleased with these initial flow rates. The rates recorded from the Xu-4 Formation demonstrate the discovery’s strong potential and are incentive for Sunwing to continue with further development of the Xu-4 formation, and other structures in the Zitong Block.”

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