London Stock Exchange today welcomes Green Dragon Gas to its Main Market
London Stock Exchange today welcomes Green Dragon Gas, an independent gas production company, to its Main Market.
Green Dragon Gas is the largest company involved in the production of Coal Bed Methane gas and its distribution and sale in China. With six Production Sharing Contracts over eight blocks spanning 7,566km², the Company’s assets are strategically located to tap into China’s high growth domestic gas market. Partnerships with major Chinese operators, including CNOOC, CUCBM, CNPC and PetroChina, are supporting Green Dragon Gas in developing the largest publicly listed CBM reserves base in China.
Green Dragon gas is using the LiFaBriC method, developed specifically for China’s geology. An adaptation of horizontal drilling methods used for coal seams, LiFaBriC is a proved and tested methodology which delivers stable production rates from wells, at favourable economics. With 150 LiFaBriC wells due to be drilled by the end of 2015, a debt funded program alongside further expected capital commitment from its partners, Green Dragon Gas is expecting an imminent step change in cash generation.
Randeep Grewal, CEO of Green Dragon Gas, commented "The London Stock Exchange Main Board is a further step in our development as a fully mature independent gas producer in China, one of the largest and fastest growing markets in the world aided by policies that are positively promoting gas as an energy source. Our focus is growth, building on our large reserve base, strategic location and proven extraction process. We believe the Main Board listing is the ideal platform for us to deliver best value for our shareholders at this key point in our development’ .