\n<\/p>\n
Completed Drilling
\nof 33 Wells in 2021<\/b><\/p>\n
Average Daily
\nProduction Volume Surged by 130% YoY<\/b><\/p>\n
\u00a0<\/b><\/p>\n
HONG KONG SAR –\u00a0Media OutReach<\/a>\u00a0– 16 December 2021 –\u00a0Yanchang Petroleum International Limited<\/a><\/b> (“Yanchang Petroleum
\u00a0<\/p>\n With the easing of
\u00a0<\/p>\n In addition, Novus
\u00a0<\/p>\n Mr. Feng
\nInternational” or the “Company”; Stock Code: 00346) is pleased to announce that
\nits wholly-owned subsidiary, Novus Energy Inc. (“Novus”), which
\nexplores, develops and produces crude oil and natural gas in Saskatchewan
\nand Alberta in Canada, delivered outperforming operational results in its
\nViking formation. The average daily production volume increased from 1,000 barrels\/day
\nin December 2020 to 2,300 barrels\/day currently,
\nrepresenting a 130% year-on-year growth.<\/p>\n
\nthe pandemic and the recovery of commodity prices in 2021, the Novus team has
\nadopted a positive and aggressive well drilling plan in 2021. Amongst others, a
\ntotal of CAD41 million has been invested in the development of the Viking
\nproperties to shorten the time between drilling and production and to maximize
\nprofitability. In 2021, Novus has drilled 33 wells in the Viking formation,
\nfour in Alberta and 29 in Saskatchewan, reaching a total length of 28.8km in
\nits horizontal section and achieving an industry-leading drilling speed of 2.9
\ndays\/well. Completion of the Viking wells is also in progress.<\/p>\n
\nhas successfully drilled a new well in the exploration area in Saskatchewan,
\nwhich has been fracture completed and has started production.<\/p>\n
\nYinguo, Chairman of Yanchang Petroleum International<\/b>, said, “We are pleased
\nwith the operational results of Novus this year. The production ramp-up program
\nlaunched by Novus is proven to be successful. The Novus
\nteam has strived to ensure the normal and safe operation of the formation
\nduring the pandemic, and aimed to improve the efficiency of well drilling and
\ncompletion. With the global economy reviving, it is expected that demand will
\ndrive up the oil price steadily. The Company will continue to seize favorable
\nopportunities, improve the quality and efficiency, and keep optimizing the oil
\nand gas business of Novus, thereby maximizing the benefits of the shareholders
\nof the Company.”<\/p>\n