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next up funding!
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Thats where the money is !!! And they know it.
GREEN DRAGON GAS LTD ("Green Dragon" or the "Company") PetroChina Cooperation Agreement Green Dragon Gas Ltd. (AIM:GDG), one of the largest independent companies involved in the production and sale of CBM gas in China, is pleased to announce that, further to the binding Memorandum of Understanding ("MOU") entered into with PetroChina Company Ltd. ("PetroChina") and announced in December 2013, Green Dragon has entered into a Cooperation Agreement (the "Cooperation Agreement") with China National Petroleum Corporation ("CNPC") in respect of the Chengzhuang block (the "GCZ Block"), a 67 square kilometre area included within the Shizhuang South ("GSS") Production Sharing Contract ("PSC") first entered into in January 2003. The Cooperation Agreement reaffirms Green Dragon's 47% interest in the GCZ Block and secures future cashflows from the 104 wells drilled on the GCZ block, which have been producing since 3 March 2010. Under the terms of the Cooperation Agreement, which ends on 31 March 2033, CNPC and China United Coalbed Methane Corporation Ltd. ("CUCBM") will transfer their rights and obligations under the PSC relating to the GCZ Block to Petrochina. The participating interests of the parties in the GCZ Block will be PetroChina, 53% and Green Dragon, 47%. PetroChina will be the operator of the GCZ Block. The parties have agreed that PetroChina shall, in accordance with the cost recovery mechanism of the PSC, recover in full all unrecovered exploration costs, development costs, operating costs and deemed interest from the effective date of the PSC, which have been audited, before Green Dragon recovers its unrecovered exploration costs and receives its allocation under the PSC. Gas production and sales from the GCZ Block commenced on 3 March 2010. From the effective date of the GSS PSC to 31 December 2013 PetroChina incurred RMB 790 million of total costs , whilst the unrecovered balance stood at RMB 173 million of exploration and development costs on the GCZ Block for the same period. The parties have agreed that they will seek to apply to the relevant ministry for approval not to prepare or submit an Overall Development Plan (ODP) with respect to the GCZ Block. Instead the parties intend to formulate expenditure and work programmes in accordance with operational progress, after having been approved by the joint management committee (as provided for within the GSS PSC), which will now be convened regularly in respect of the GCZ Block, and approved by CNPC. All decisions of the joint management committee, on which Green Dragon is represented, will be made unanimously and the first meeting will be convened no later than 45 days from the date of execution of the Cooperation Agreement. Randeep S. Grewal, Chairman and Founder of Green Dragon, commented:
Glad you are still long and here. Main listing I would assume once a few i' have been dotted and t's crossed, so in the very short term as this within 6 months, which is short term here. ? Thanks for posting.
Hi RH All good with me and been enjoying some good summer fishing. I think now we are not far away from a main board listing and after this has taken place the business will be in a very diffrent place with all our problems behind us. This is still a great play and Iam quite happy to hold on a long term bases as their reserves are massive and now partnered with the Chinese events should speed up somewhat. GDG are back on target to exit 2014 with 18bcft of gas and that equates to $$$
How are you ? Not heard a peep and very much waiting to see what you are making of the current background rumours ? Appreciate if you want to keep quite for now, but I hear a distant beat of drums down the vine. Hope you are keeping well. Looking forward to the next 2 Q's.
It's rather quiet on the Dragon front at the moment .
5 x trades were plus 2 x trades were minus
Anyone go today ? Anyone ask THE question that ALL GDG holders should be asking ? Be nice to get official update as it involves millions ??? I do not hold GDG but even I would like to know what RG says on the matter. Shame they are saying nothing about what is in the public domain?
If you attentended please post up some forward guidance. Many thanks
Since april?
Look a lot better if sorted.
Gic was for all in price of bvi. Coincidence ?
Yes looks like it. They would need to clear this up prior to listing on the main market. imo its a good thing and not so large as some thought it could be. Will all come out the wash in the next opps update rather than the AGM
Another issue resolved ??? Bvi harneys , google it if you can i would appreciate your view, please if possible.
Hi RH Randeep still holds 60% plus and the sale was just to comply with the LSE regs to enter the main market as the liquidity was short a couple of million shares. BVI is where Randeep has his family trust held. Did you see the 1 trade today ? interesting !
Bvi harneys.
BVI - HARVEYS - 20M CPH Any view?
As he is going on holiday this month and needed the pocket money !
Even 2.25 m in two trades...I missed one...
1m shares dealt outside the market....odd goings on!
Agree... Its certainly not negative however the market makers do have to live up to their titles and make a market. This will involve manipulation to create sellers and buyers when otherwise there would be few. Like you say, this will return very quickly to where it should be and in the meantime the mm's have made their pound of flesh.... Greka is looking very good for the foreseeable, pleased to wait for the inevitable.
Looks positive to me. ...."It is intended that the Offer should assist in increasing the trading liquidity of the Company's shares. In addition, the Offer would help increase the free float and therefore make progress towards meeting the requirements of a move from AIM to a Standard segment listing on the Main Market of the London Stock Exchange, which the Company is currently considering." More exposure will bring rewards to all the Greka family IMHO. Back over 600 soon I hope....
sorry wrong forum - check GDL , whoops :-)))