Monday, 28 April 2014
previously reported, TWE has declared a dispute with China National Petroleum
Corporation and / or its affiliates (“CNPC”)
in relation to its Liuhuanggou coalbed methane (“CBM”) production sharing contract (“PSC”). TWE advises
shareholders of certain important developments in the referenced dispute. TWE has taken the necessary steps to advance
its position in the dispute including the retaining of special international
arbitration counsel. The retained
counsel has instigated a complete compilation of all relevant records and
documents in relation to the dispute and arbitration provisions of the PSC as
well as TWE’s various notices to CNPC in compliance with such provisions.
has received a letter dated April 11, 2014 from Enviro Energy International
Holdings Limited (“Enviro Energy”),
the majority and controlling shareholder of TWE, expressing its supports of
TWE’s efforts to assert claims against CNPC and to protect TWE’s assets and
commercial interests as represented by the PSC, and Petromin Resources Ltd.
(Petromin) is supportive of TWE’s efforts to protect the interests of its shareholders.
Petromin understands that TWE has the required financial means and capability
to advance the dispute to a favorable and conclusive result.