China sale falls through,but Molopo positive

摘要

Molopo Australia Ltd managing director Stephen Mitchell remained upbeat about the company's longest-held project,the Liulin coalbed methane (CBM) project in China,in which its has a 50% stake,despite recent failing to offload it.During the Good Oil Conference last month,the company announced that a conditional agreement to sell its CBMinterests in China for a nominal cash consideration together with shares and a significant royalty of US12.5 cents per mcf had lapsed.Various conditions in relation to the sale had not been met by the set time limits and the company will now continue to pursue opportunities with other parties interested in participating in or acquiring the project.The company was the first CBM player to enter China and is now surrounded by majors such as Texaco,Enron and Conoco.