Enviro Energy
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Enviro Energy Q2 loss improves 46pct, work on coal-bed JV "going smoothly"
Enviro Energy released second quarter accounts showing its net loss dropped 46 percent from HK$20.4m to HK$13.1m, mainly due to a 42 percent drop in operating expenses including a HK$23.9m drop in legal and professional fees.
The group also gained from advances made by the Canadian dollar in relation to the Hong Kong dollar. Total differences attributable to currency movements represented an income of HK$37.9m, compared to a loss of HK$0.4m in the same period last year.
The company reiterated confidence in the discovery made by its subsidiary TerraWest Energy about the thickness of prospective shale gas zones on its's Liuhuanggou Project. Preliminary results of the survey confirm the true thickness of the J1B formation to be at least 750 metres (2,475 feet), much thicker than indicated in the 2008 drilling.
It also reported that the joint-venture CO2 sequestration and coal-bed methane project with China United Coalbed Methane Corporation Limited and Petromin Resources continued to move ahead smoothly, with well design work to be utilised in the forthcoming injection of CO2 having been completed on time.
