Date: Nov 18, 2013 Source: Reuters (
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King Stone Energy Group Ltd (0663.HK) announced that with reference to the announcement made on October 28, 2013, in relation to the acquisition of an advanced heavy oil recovery technology and the related assets of HydroFlame Technologies, L.L.C. (the Acquisition). The Company now announced that the Acquisition has been completed on November 15, 2013 and a further consideration of USD2,975,000 has been paid by the Group upon Closing under the Asset Purchase Agreement. Dr. Dandina N. Rao, the inventor, has entered into an agreement to continue developing, upgrading, and improving the technology for the Group. The Group is working toward performing downhole tests at local oil wells and will endeavor to develop and commercialize the HydroFlame technology in near future.
