CHINA HUARONG ENERGY CO LTD Press Release
From China Rongsheng Heavy Industries To Huarong Energy
中國熔盛重工集團控股有限公司
中國華榮能源股份有限公司
(22 April 2015, Hong Kong) - China Rongsheng Heavy Industries Group Holdings Limited is
pleased to announce that, the English name of the Company has been changed from "China Rongsheng Heavy Industries Group Holdings Limited" to "China Huarong Energy Company Limited" ("Huarong Energy", the "Company" or "We", and together with its subsidiaries, the "Group"; stock code: 01101.HK) and the Chinese name of the Company has been changed
from "
" to "
". Marking a new
milestone in the Company's history, the change of company name would better reflect development strategy of the Company as transforming into an oil and natural gas development and production operator.
中國熔盛重工
華榮能源
The Certificate of Incorporation on Change of Name of the Company was issued by the
Registrar of Companies in the Cayman Islands on 18 March 2015 and the Certificate of Registration of Alteration of Name of Registered Non-Hong Kong Company was issued by the Registrar of Companies in Hong Kong on 17 April 2015. The stock short name of shares of the Company for trading on the Stock Exchange will be changed from "CH RONGSHENG" to
"HUARONG ENERGY" in English and from "
" to "
" in Chinese with
effect from 9:00 a.m. on 24 April 2015. The stock code of the Company remains as "01101".
Accurate Display of Strategic Positioning
Huarong Energy is pursuing its strategy of business transformation and has completed the acquisition of 60% interest in the project (the "Kyrgyzstan Project") involving four oilfields located in the Fergana Valley of the Republic of Kyrgyzstan in September 2014. We are proactively transforming into an oil and natural gas development and production operator. We believe that the change of company name would better reflect the expansion of the Group's business scope and diversified operations with a more accurate display of the Group's strategic positioning, and offer the Company a new corporate identity and image.
We have been working to identify suitable investment opportunities in the energy resources development sector. The Kyrgyzstan Project comprises of five oilfield zones with a total area of approximately 545 square kilometres. The remaining recoverable reserves is estimated to be around 638 million barrels of oil. We have made satisfactory progress in the project. After initial drilling and production, we further understood and acknowledged the geological condition of the project. We will continue the process of perforating, testing and fracturing of the new wells to ramp up production.
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China Rongsheng Heavy Industries Announces 2014 Annual Results
31 March, 2015 / P.2
"Silk Road Economic Belt"
Mr. Sean Wang, Chief Financial Officer and Executive Director of Huarong Energy, said, the lack of exploration expertise have long generated an inaccurate perception of Kyrgyzstan as low oil reserves country. In fact, pursuant to the drilling condition and the information currently obtained after drilling operation and research for more than two years, we believe the oil reserve in Kyrgyzstan is abundant, and which strongly support our optimistic view of the energy project there. In recent years, in light of the "Silk Road Economic Belt" strategy introduced by China, the Kyrgyzstan government continued to encourage foreign capital investing in their oil and gas industry. KnprnmKepHeqJTernm ("Kyrgyzjer Neftegaz" Limited Liability Company*), a non-wholly owned subsidiary of Huarong Energy, has been regarded as the company investing the most in the oil and gas industry of Kyrgyzstan within the past 15 years and has currently 13 drilling rigs undergoing drilling operation in Kyrgyzstan.
The corporate website address of the Company will be changed from "www.rshi.cn" to
"www.huarongenergy.com.hk" with effect from 24 April 2015.
* for identification purpose only
~ End ~
For press enquiries:
China Rongsheng Heavy Industries Group Holdings Limited
Mr. Michael Cheng Tel: (852) 3900 1822 Email: michaelcheng@rshi.cn
iRregular Consulting Limited
Ms. Catherine Tsang Tel: (852) 6675 5167 Email: catherinetsang@irregularconsulting.com
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