Polyard Petroleum International Group (8011HK) announced that a joint venture agreement was signed to establish East Asia Oil Services Company Limited. It is planning that the joint venture company will provide oilfield services and other related services. The issued share capital of the joint venture company is HKD 40 million, divided into 40 million shares. Polyard Petroleum International Group will hold 51% of the interests, with the capital commitment at HKD 20.40 million.

The joint venture company will acquire from its joint venture partner the drilling rig and its associated equipment, well logging equipment and materials as well as other materials and equipment, at a total price of HKD 48 million. The company points out that it is expected to provide oilfield services and other related services for the oil and gas projects of the company in the Philippines and some other countries, thus improving the operation and reducing operating costs. The drilling rig and other oilfield services equipment are essential for the company's future development.

The joint venture partner, Well Logging Energy Technology (Xi'An) Co. Ltd, headquartered in Xi'an, Shaanxi Province of China, is specialized in energy exploration and development, equipment R&D and manufacturing as well as engineering and technical services, including well logging and drilling services. Its drilling team has over 20 years of industry experience and has operated across Shaanxi, Inner Mongolia and Gansu provinces in China and also overseas including Pakistan and the Philippines.

Cited from www.aastocks.com，July 2015