Sino Construction

Sino Construction: has acquired a 19.9% stake in Ardilaun Energy for consideration of $12m. The target is an Ireland-incorporate company which focuses on oil and gas exploration and development in Irish territories and internationally. Ardilaun has four working interests and one licencing option in the Irish Sea, as well as working interests in a producing gas filed and two exploration licenses in the Celtic Sea. The estimated asset value of Ardilaun’s oil and gas asset portfolio after de-risking is US$860m. Sino Construction has issued a promissory note payable in 6 mths, and will fund the repayment of the note from the disposal of its Daqing Xinyuan Construction Installation Co and Daqing Sunshine Reli Thermal Co, and / or through share placement or loans.