Geo-Jade eyes Shanghai Longzhou Xinke purchase

Geo-Jade Petroleum Corp, a Chinese petroleum explorer, announced a plan on Sunday to purchase a Shanghai-based firm with overseas oil and gas assets worth 8.2 billion yuan ($1.27 billion).

Geo-Jade is a Beijing-based oil and gas exploration and development enterprise with a total acreage of nearly 30,000 square kilometers and an annual oil output more than 500,000 metric tons.

The company has suspended trading on the stock market for half a year. It now plans to issue 1.2 billion shares at 6.83 yuan per share to buy 99.99 percent of the shares of Shanghai Longzhou Xinke through private replacement.