LCP Lon.Asia China

RNS Number:2441R
London Asia Chinese Private Equity
14 February 2007


14 February 2007


London Asia Chinese Private Equity Fund Limited
("LACPEF" or "the Fund")


Investment in Oil & Gas Business


LACPEF, the China focused investment fund, announces that it has invested #4.17
million in Wan Wei Oil & Gas Technology Ltd ("Wan Wei"), the innovative Chinese
provider of oil drilling technology in the Asia Pacific region.  This investment
takes the total invested to date by the Fund to over #47 million, with all the
net proceeds of the fund raising last March utilised.


Founded in 2000, Wan Wei has spent six years developing what they believe is the
world's leading Ultra Short Radius ("USR") horizontal well drilling solution,
along with related well completion designs and special tools. The Company's USR
solution is designed to maximise the full potential of re-entry projects, able
to drill wells with arcs of 2.87m and build rates of 20 degrees per meter. The
solution is used to rejuvenate mature or marginal oil wells, and is considerably
cheaper than alternative solutions.  The company has signed a number of
long-term contracts with Chinese oil companies covering thousands of wells in
China.


The funds invested will be used to support Wan Wei's existing contracts with
domestic clients and finance its overseas expansion, where it is seeking to
extend existing contacts into Indonesia and the Middle East.


Simon Littlewood, Executive Director of the Fund, said: "As sources of new oil
around the world become harder to find, the focus is on maximising existing
difficult or abandoned wells, for which this technology is designed.  Chinese
oil producers are being driven to maximize production to meet growing demand
from Chinese industry and consumers. Wan Wei's patented, cost effective
technology is well positioned to take advantage of opportunities not only in
China, but worldwide."


For further information please visit www.londonasiafunds.com or contact:

John West/Matt Ridsdale                     Simon Littlewood                    Hugh Field
Tavistock Communications                    London Asia Capital                 Collins Stewart Limited
Tel: 020 7920 3150                          Tel 020 7355 7928                   Tel: 020 7523 8000


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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