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Gulf Resources Announces the discovery of Natural Gas Belt by Petro China in Tianbao Towenship
SHOUGUANG, China, May 11, 2020 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine,
About this update from Gulf Resources, Inc.
[{"type":"text","content":"SHOUGUANG, China, May 11, 2020 (GLOBE NEWSWIRE) -- 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.\n 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 f...