Drilling Order

RNS Number : 4979B

Green Dragon Gas Ltd

07 January 2015

 

7 January 2015

GREEN DRAGON GAS LTD

("Green Dragon" or the "Company")

Drilling Order

Green Dragon Gas Ltd. (LSE: GDG) is pleased to announce that, as part of its previously stated plan to drill 150 wells at Greka Shizhuang South production block (GSS), it has placed a new work order  with Greka Drilling Limited, under the companies' evergreen contract, to drill an initial 30 LiFaBriC wells. The estimated value of the order is approximately USD45 million. Green Dragon continues to work on drilling plans, permits and locations for the additional wells to be funded by the November 2014 Bond Issue proceeds, and will provide a further update on these following the conclusion of the current order.

The Company plans to release an Operational Update on 26 January 2015, which will provide a comprehensive update on Green Dragon Gas' operational achievements during 2014.

Randeep S. Grewal, Founder and Chairman of Green Dragon, commented:

"This drilling order at GSS builds on the significant progress made with our partners Cnooc/Cucbm and Cnpc/PetroChina, both operationally and through the establishment of joint management committees, during 2014 at GSS and GCZ, as we continue to refine our drilling and infrastructure programmes in 2015.  

"I look forward to providing the market with a further update on the progress we made in 2014 on 26 January."

Ends

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

Stephen Hill, VP Corporate Finance Green Dragon Gas	[phone]
David Simonson / Anca Spiridon Instinctif Partners - Investor Relations	[phone]
Tom Reid / Luke Spells Citigroup - Corporate Broker	[phone]
Sarah Wharry / Richard Redmayne Cantor Fitzgerald Europe - Corporate Broker	[phone]
Richard Crichton / Andy Crossley Peel Hunt - Broker	[phone]

About Green Dragon Gas

Green Dragon is an onshore China focused upstream (Exploration & Production) company, concentrating on its core asset value proposition over eight blocks, two of which are producing. The Company's blocks are located within six Production Sharing Contracts across four Provinces: Shanxi, Anhui, Jiangxi and Guizhou.

 

END

 

 

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