Nordic Bond Update

RNS Number : 0894H

Green Dragon Gas Ltd

05 June 2017

 

5 June 2017

GREEN DRAGON GAS LTD

("Green Dragon Gas" or the "Company")

Nordic Bond Update

Green Dragon Gas Ltd. (LSE: GDG), one of the largest independent companies involved in the production and sale of Coal Bed Methane (CBM) gas in China is pleased to confirm it has received 100% acceptances of the requested waivers of its financial covenants for the US$88 million senior secured bonds (the "Bonds") with Nordic Trustee ASA (the "Bond Trustee"), which acts as the trustee for the holders (the "Bondholders").

Alongside the successful execution of the waiver negotiations, we have also agreed with the Bond Trustee the release of the non-core downstream operational assets which will conclude the evolution of Green Dragon Gas into a pure upstream business, and will have achieved the first of the five stated objectives for 2017 as published in the Company's trading update on the 27^th April 2017.

We look forward to updating the market on the delivery of the remaining objectives as the year progresses.

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

FTI Consulting

Edward Westropp / Kim Camilleri / Elizabeth Burnham / Ntobeko Chidavaenzi

Tel: [phone]

Peel Hunt

Richard Crichton / Ross Allister

Tel: [phone]

About Green Dragon Gas Ltd

Green Dragon Gas is a leading independent gas producer with operations in China and is listed on the main market of the London Stock Exchange (LSE: GDG). The Company has 559 Bcf of 2P reserves and 2,386 Bcf of 3P reserves across eight production blocks covering over 7,566 km² of license area in the Shanxi, Jiangxi, Anhui and Guizhou provinces. It holds six Production Sharing Agreements with strong, highly capitalised Chinese partners including CUCBM (CNOOC), CNPC and PetroChina, and has infrastructure in place to support multiple routes to monetize gas production.

 

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