02686.HK announced that indirectly affiliated "Xinhe" and the company's controlling shareholder "New Natural Gas" intend to contribute 24.5 million yuan (the same below) and 25.5 million yuan respectively to form a joint venture, accounting for 49% and 51% of the total contribution of the joint venture company, respectively.
The joint venture company will mainly engage in the research and development of geological reserves technology, drilling technology, as well as oil, natural gas and coalbed methane monitoring and management facilities. The JV Company will become an affiliated company of the company and its financial results will not be consolidated into the accounts of the Group.