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TWE Update
 
TWE Update

Monday, 28 April 2014

As 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.

 

TWE 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.

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