Pacific Asia China Energy Inc. Updates PACE Mitchell Drilling Operations

Source: www.gulfoilandgas.com 10/9/2007, Location: Asia

Pacific Asia China Energy Inc. updated shareholders on programs operated by PACE Mitchell Drilling Corp, the Company's 50% owned drilling subsidiary, co-owned with Mitchell Drilling Corp of Australia. PACE Mitchell Drilling Corp owns and operates two new Dymaxion CBM drilling rigs in China, which were transported there from Australia at the beginning of the year. The Dymaxion drill rig is responsible for approximately 80% of the successfully drilled CBM wells in Australia. Many of these wells were completed in a regulated natural gas pricing environment from CBM deposits that were considered to be marginal or uneconomic. PACE Mitchell Drilling anticipates the drilling effectiveness, in addition to the cost and labour efficiencies demonstrated in Australia, will be achieved by the initiatives now being undertaken in China.

PACE Mitchell's first Dymaxion drill rig is currently being transported from the Shenhua Group's Ningxia Coal Mine degasification site to a new undisclosed location where it will drill the first Dymaxion test CBM well set in China. The well is being drilled on behalf of a leading CBM company presently conducting exploration and development activities. For competitive reasons, confidentiality of this project is in effect. The Company will provide an update when conditions permit.

At the Shenhua Ningxia Coal Mine site, difficult drilling conditions were later encountered, and no further drilling could be carried out. A subsequent evaluation of the underground conditions completed by PACE Mitchell's engineers revealed that part of the area had already been mined, resulting in drilling conditions not amenable to further degasification activity. All outstanding issues have been settled amicably between the Shenhua Group and the four company consortium contracted to complete the project. The Company received approximately US $2 million of the US $4.5 million it was to receive if the project could have been completed. The stoppage in drilling operations has allowed the rig to be immediately available for new work. Regarding the recently announced degasification project in Yunnan province, PACE Mitchell's second drill rig is being prepared for transport to the Weixin Guanyinshan Coal Mine in Kunming (see news release, September 4, 2007). Drilling is expected to begin early this month.


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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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