Poly Technologies Inc. (a subsidiary of China Poly Group Corporation) and Golden Concord Holdings Limited have been long term cooperative partners, together they established POLY-GCL Petroleum Group Holdings, and POLY-GCL has invested in the development and production of petroleum & natural gas in the Ogaden Basin in Ethiopia.
POLY-GCL PETROLEUM INVESTMENTS LIMITED ETHIOPIAN BRANCH is the a company incorporated under the laws of the Federal Democratic Republic of Ethiopia, business license proc No. 686/2010, branch of POLY-GCL Petroleum and Natural Gas Investments Limited (herein referred to as the “Contractor”), a corporation duly organized and existing under the laws of British Virgin Islands, the later has entered into five Petroleum Production Sharing Agreements (PPSA) signed on November 16th 2013 with the Government of the Federal Democratic Republic of Ethiopia, who wants to promote the exploration, development and production of the petroleum on, in or under the contract area and the contractor desires to join and assist the government in the exploration, development and production of potential petroleum within the contract area, and are currently executing by the POLY-GCL PETROLEUM INVESTMENTS LIMITED ETHIOPIAN BRANCH on behalf of the Contractor.
POLY-GCL acquired Calub & Hilala Development Blocks in the Ogaden Basin, Ethiopia (Total area: 1226km2, Calub 257 km2, Hilala 969 km2), POLY-GCL also acquired the following Exploration & Development Blocks: Block 3&4 (contract area: 25,571 km2), Blocks 11&15 (contract area: 22,874 km2), Block 12&16 (contract area: 30,611 km2), Blocks 17&20 (contract area: 36,769 km2). The cumulative total contract area of these 10 Exploration and Development Blocks is 117,151 km2.