Response to EU Referendum Result

RNS Number : 2338C

Green Dragon Gas Ltd

24 June 2016

 

24 June 2016

GREEN DRAGON GAS LTD.

("Green Dragon" or the "Company")

Response to EU Referendum Result

Green Dragon Gas Ltd. (LSE: GDG), one of the largest independent companies involved in the production and sale of Coalbed Methane ('CBM') gas in China, notes the initial market reaction to the result of the UK referendum on membership of the EU and clarifies that there is no commercial or financial impact on the Group as it has no operational exposure to the European or UK economies. Green Dragon Gas is wholly focused on the production and sale of CBM gas in the domestic Chinese market where production and sale of CBM gas benefits from some of the most lucrative gas sales margins globally. In addition, the CBM industry in China continues to enjoy the full backing of the Chinese Central Government through policy support and the enhanced subsidy regime announced in February of this year.

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

Instinctif Partners

David Simonson / George Yeomans

Tel: [phone]

Citigroup

Tom Reid / Luke Spells

Tel: [phone]

Peel Hunt

Richard Crichton / Ross Allister

Tel: [phone]

About Green Dragon Gas

Green Dragon Gas is a leading independent gas producer with operations in China and is listed on the main market of the London StockExchange (LSE: GDG). The Company has 549Bcf of 2P reserves and 2379Bcf of 3P reserves across eight production blocks covering over 7,566km² of licence area in the Shanxi, Jiangxi, Anhui and Guizhou provinces. It holds six Production Sharing Agreements with strong, highlycapitalised Chinese partners including CUCBM (CNOOC), CNPC and PetroChina, and has infrastructure in place to support multiple routes tomonetise gas production.

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