Gulf Resources Announces the discovery of Natural Gas Belt by Petro China in Tianbao Towenship
May 11 2020 - 9:00AM
Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the
"Company"), a leading manufacturer of bromine, crude salt,
specialty chemical products, and natural gas in China today
announced that Petro China discovered huge natural gas belt with an
estimated reserve of over 1 trillion cubic meters in Tianbao
Township, extremely close to Gulf’s natural gas well.
On May 7, 2020, Petro China announced that it has discovered a
huge natural gas belt found in China. According to Petro China and
reported in all of the major news services, such as Xinhua or
China.org.cn, this natural gas belt in located in Tianbao Township
of Daying County.
The article from Xinhua, available on the U.S. internet, is
shown below.
Source: Xinhua| 2020-05-07 17:28:49|Editor: huaxia CHENGDU,
May 7 (Xinhua) -- An oilfield branch of PetroChina, China's largest
oil and gas producer, announced their discovery of a huge natural
gas belt with an estimated reserve of over 1 trillion cubic meters
in southwest China's Sichuan Province.The PetroChina Southwest Oil
and Gasfield Company (SWOG) completed a successful test of
prospecting for oil and gas in Tianbao Township of Daying County,
which had a daily output of 1.22 million cubic meters of gas,
according to the SWOG.The belt, some 130 km away from the
provincial capital of Chengdu, neighbors the gasfield in the
Gaoshiti-Moxi area in the middle part of the Sichuan Basin, where
the current natural gas production capacity reaches 15 billion
cubic meters annually.Based in Chengdu, SWOG supplies natural gas
to more than 1,000 large and medium-sized industrial companies and
more than 20 million households in southwest
China(http://www.xinhuanet.com/english/2020-05/07/c_139038228.htm)
Gulf Resources’ natural gas and bromine facilities are located
extremely close to this discovery, approximately 5 miles away. Even
The Company has no detailed exploration information of its own, but
according to Petro china's exploration, the company has reason to
believe that its wells are located in this natural gas belt.
Gulf believes this discovery could have a material positive
impact on the company for a number of reasons. The company had
legally registered its current well with local Daying County
government and written approval from local Daying County government
for the sites for two additional wells. Now that PetroChina has
discovered this major belt of natural gas in Tianbao Township, the
government will be more focused on finalizing the exploration
planning for the township and the county.
The company is optimistic that it will be able to move ahead
quickly with its natural gas and brine project.
About Gulf Resources, Inc.Gulf Resources, Inc.
operates through three wholly-owned subsidiaries, Shouguang City
Haoyuan Chemical Company Limited ("SCHC"), Shouguang Yuxin Chemical
Industry Co., Limited ("SYCI"), and Daying County Haoyuan Chemical
Company Limited (“DCHC”). The company believes that it is one of
the largest producers of bromine in China. Elemental Bromine is
used to manufacture a wide variety of compounds utilized in
industry and agriculture. Through SYCI, the Company manufactures
chemical products utilized in a variety of applications, including
oil and gas field explorations and papermaking chemical agents, and
materials for human and animal antibiotics. DCHC was established to
further explore and develop natural gas and brine resources
(including bromine and crude salt) in China. For more information,
visit www.gulfresourcesinc.com.
Forward-Looking StatementsCertain statements in
this news release contain forward-looking information about Gulf
Resources and its subsidiaries business and products within the
meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6
under the Securities Exchange Act of 1934, and are subject to the
safe harbor created by those rules. The actual results may differ
materially depending on a number of risk factors including, but not
limited to, the general economic and business conditions in the
PRC, future product development and production capabilities,
shipments to end customers, market acceptance of new and existing
products, additional competition from existing and new competitors
for bromine and other oilfield and power production chemicals,
changes in technology, the ability to make future bromine asset
purchases, and various other factors beyond its control. All
forward-looking statements are expressly qualified in their
entirety by this Cautionary Statement and the risks factors
detailed in the company's reports filed with the Securities and
Exchange Commission. Gulf Resources undertakes no duty to revise or
update any forward-looking statements to reflect events or
circumstances after the date of this release.
CONTACT: Gulf Resources, Inc.
Web: |
http://www.gulfresourcesinc.com |
|
Director of Investor Relations |
|
Helen Xu (Haiyan Xu) |
|
beishengrong@vip.163.com |
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