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Leyshon Resources expects to finalize terms shortly to acquire a company that holds a 100% interest in the Zijinshan production-sharing contract on the eastern fringe of the prolific Ordos Gas basin in central China.
RISC has advised that in its view the Zijinshan gas project contains gross prospective resources that are potentially large due to the confirmation of the presence of unconventional gas, with in place estimates in the range 1.0 to 3.8 trillion cu ft.
Under the proposal, Leyshon will acquire a 100% interest in Hong Kong company Pacific Asia Petroleum Ltd. from Houston-based CAMAC Energy. Leyshon is currently undertaking final due diligence and the parties are expecting to finalize a share and purchase agreement to complete the transaction.
The initial exploration focus will be on drilling several new wells to test extensions to nearby major shale gas discoveries and production testing the cased wells.