China’s Haimo Technologies eyes 10% stake in Niobrara shale oil

25 June 2012 09:50  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Lanzhou Haimo Technologies said on Monday that it is looking at investing about $29.8m (€23.8m) for a 10% interest in a shale oil project in Colorado, US.

The Niobrara shale oil project is being developed by Houston-based energy company Carrizo Oil & Gas, Lanzhou Haimo Technologies said in a filing to the Shenzhen Stock Exchange.

The Niobrara shale oil project covers an exploration area of 62,000 net acres, according to the website of Carrizo Oil & Gas.

Discussions are underway between the two companies on the acquisition but no agreement has been firmed up yet, the Chinese company said.

Haimo Technologies, which is a multi-phase metering solution provider for oilfields, is currently awaiting approval from Gansu Development and Reform Commission to set up a US branch to execute the planned acquisition, it said.

($1 = €0.80)

By: Fanny Zhang
+65 6780 4359

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