Ivanhoe Energy Inc. reported that the company has reached total depth on two oil and gas wells being drilled on its properties in China. The wells are being drilled by Sunwing Energy Ltd., a wholly owned subsidiary of the company.
Ivanhoe Energy Inc. said that the Zitgong-1 well reached a total depth of approximately 14,000 feet and was targeting the Xu2 formation. The company has cased and cemented this well.
Ivanhoe Energy Inc. said that the Yixin-2 well reached a total depth of approximately 13,600 feet and was targeting the Xu3 formation. The company is placing casing into the Yixin-2 well and will cement the well once the casing is in place.
Ivanhoe Energy Inc. drilled the Zitgong-1 and the Yixin-2 wells on the Zitong block located in Southwest China. The company will commence a testing program on these wells starting in mid December 2010, and estimates the reserves potential of the Zitgong Block at “several trillion cubic feet.”
Sunwing Energy Ltd. is the operator of the Zitgong block, which is approximately 1,000 square miles in size. The company holds a 90% contractor interest in the block along with PetroChina Company Limited. Mitsubishi Gas Chemical Company owns the other 10% interest in the block.
For more information on the company, go to www.ivanhoeenergy.com