China International Mining Petroleum Company Limited (CIMP), a subsidiary of Polyard Petroleum International Group (PPIG), recently finalized its well drilling and oil service tender at SC49 in the Philippines, and has signed an agreement with Well Logging Energy Technology (Xi’an) Co. Ltd. (WLE) on March 21, 2014.

On the signing ceremony, PPIG CEO Eric Lai said in his remarks that “Well Logging was chosen from numerous bidders due to its very outstanding technical team and quality of equipment, as well as its competitive pricing. We are glad to have the agreement signed, and look forward to Well Logging’s utmost dedication to this assignment. We hope that a significant progress can be made in oil and gas discoveries in SC49. ”

WLE is headquartered in Xi’an City, Shanxi Province of China, with a total asset of 370 million RMB, and over 300 workers. The company is specialized in energy exploration and development, equipment R&D and manufacturing as well as engineering technical services. Its drilling team with 20 years of experience has operated across Shanxi, Inner Mongolia and Gansu Provinces in China and also overseas including in Pakistan.

WLE Chairman & Managing Director Xu Peng said, “It is WLE’s honor to participate in the tender for SC49 drilling services. We thank PPIG for offering us this opportunity to show what we are capable of, and we hope that from here we are laying the foundation for more cooperation in the future. We are confident that we can serve our clients to their satisfaction.”

This marks the first cooperation between PPIG and WLE. It is believed that such cooperation can serve mutual interests of both sides and foster a long-term partnership. In SC49, IEC has been completed, while the land lease negotiation is in the final stages, followed by site construction very shortly. WLE has also proceeded with rig maintenance and material procurement, in preparation for mobilization to the well site in Cebu. The first exploration well is expected to be spudded around mid-2014.