Ivanhoe Energy’s Sunwing Subsidiary Expands in Asia

Vancouver-based oil and gas company Ivanhoe Energy Inc. announced that its subsidiary, Sunwing Energy Ltd., will merge with PanAsian Petroleum Inc., which holds oil and gas exploration and production rights to a large block in central Mongolia. Ivanhoe Energy intends to combine PanAsian’s Mongolian interests with Sunwing Energy Ltd. which is Ivanhoe’s 100%-owned subsidiary for oil and gas operations in Asia. PanAsian Petroleum is a private company based in Alberta. The company’s key asset is a production-sharing contract — held through subsidiary PanAsian Energy Ltd. — with the Petroleum Authority of Mongolia, a state agency. The contract provides PanAsian Energy with the exclusive right to explore, develop and produce oil or gas within Block XVI in Mongolia’s Nyalga Basin. Block XVI, covering 16,839 sq. km., contains four sub-basins and is approximately 100 km southeast of Ulaanbaatar.

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