China New Energy Mining Limited (“CNEML”) is Sino Gas & Energy Holdings Limited’s (“ASX: SEH, “Sino Gas” or the “Company”) Joint Venture partner and holds 51% of Sino Gas & Energy Limited (“SGE”), with Sino Gas holding the remaining 49%.
CNEML is a private company incorporated in Hong Kong, and acquired its interest in SGE in July 2016 for US$220 million (announcement).
PCCBM is entitled to participate up to its 51% participating interest in the Sanjiaobei PSC. PCCBM is a subsidiary of PetroChina, China’s largest natural gas producer with extensive international experience and strong focus on development of unconventional gas in China.
China United Coalbed Methane (“CUCBM”) develops unconventional oil and gas resources for parent CNOOC in China. CUCBM is entitled to participate up to its 51% participating interest in the Linxing PSC.
In April 2017, Sino Gas purchased from CBM Energy Associates L.C. (“CBME”) an option to acquire 7.5% of SGE’s participating interest in the Linxing PSC by contributing 7.5% of historical back costs to SGE.
(1) Sino Gas has an option to acquire 3.675% of Linxing from SGE by paying 7.5% of historical back costs, assuming full partner back in. If exercised SGE interest of 45.325%.