Arbitral Award Appeal Filed

RNS Number : 0500N

Green Dragon Gas Ltd

03 September 2013

 



3 September 2013

GREEN DRAGON GAS LTD

("Green Dragon" or the "Company")

Arbitral Award Appeal Filed

Green Dragon Gas Ltd. (AIM: GDG), one of the largest independent companies involved in the production of CBM gas in China is pleased to announce that the Company has filed its appeal for recourse against the arbitral award to set aside the arbitral award ("the Action") as announced in July. At a pre-trial conference, the court scheduled the Action to be heard in the second half of November and confirmed that the previously announced arbitral award cannot be enforced by ConocoPhillips China ("COPC") until the hearing of the Action has concluded.

Randeep Grewal, Founder and Chairman of Green Dragon Gas, commented:

"The Arbitration tribunal was informed of the imminent, material and successful conclusion to the Company's title matters. As stated previously, we feel strongly that the Tribunal erred in not awaiting for this material information before passing judgement. Following an evaluation on the merits of recourse against the arbitral award, we are pleased to report that the Action has been filed and COPC is barred from enforcing the arbitral award until the Action is heard".

For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:

Stephen Hill, Corporate Communications Green Dragon Gas	[phone]
Dr Azhic Basirov / David Jones Smith & Williamson - Nominated Adviser & Broker	[phone]
Steve Baldwin / Nicholas Harland Macquarie Capital (Europe) Limited - Broker	[phone]
Richard Crichton / Andy Crossley Peel Hunt - Broker	[phone]
James Henderson / Philip Dennis Pelham Bell Pottinger - Investor Relations	[phone]

 

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