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That's great news and GIC making a positive move. The bonds carried a 7% interest rate and were due in December 2015, this is an early conversion. The Company has issued 5,775,578 new ordinary shares to GIC Private Limited as a result of this conversion.
where you at, are you still a premium member?
Green Dragon Gas (LON:GDG) has seen the value of its 2P reserves rise by US$1bn after an update at its coal bed methane (CBM) licences in China. Independent engineers Netherland, Sewell & Associates Inc (NSAI) confirmed a 22% increase in 2P reserves (proved plus probable) to 382 billion cubic feet of gas (Bcf), with a net present value (NPV) of US$2.8bn (£1.7bn). The unconventional gas specialist also enjoyed a 113% increase in 1P reserves (proved), up to 126 Bcf, with an NPV of US$898mln (£532mln). It also saw a slight decline in 3P reserves (proved plus probable plus possible reserves) to 2,382 Bcf, valued at US$16.1bn (£9.5bn), a valuation increase of 27%. The latest figures, which confirm total original gas in place of 25.2 trillion cubic feet across six blocks, include the 1,300 wells drilled by the company’s partners.
Just topped up @ 540, cant go wrong at that price, bargin IMO. When the news hits its only going one way.
That's spot on. Post recommended !
The increase in audited reserve numbers and resulting NPV, incorporates the 1300 wells approximately drilled by the Company's partners across the acreage. Drilled wells not in commercial gas production as of 2013 year-end, were not included by NSAI in their 1P and 2P categories. As the wells de-water and commence commercial gas production, the related reserves will migrate into the 1P and 2P category respectively. As announced in October 2013, the Company estimates its total reserves (including such wells) to be 300 Bcf in 1P and 600 Bcf in 2P which it expects to be realised as the required infrastructure is built over the next fifteen months. As announced on 2 April, the Company's partner CUCBM expects to spend up to US$250m in completing this objective.
The developments over the past month or so has been very reassuring, funded and on its way.
Neophyte The RNS on the 28 Oct was just an estimate this is now the fully audited results. Less than previously estimated but still a load of saleable gas ! To give you an idea of how much gas it is the whole UK will consume 180bcf per year !
Haven't been keeping my eye on GDG for a good 6+ months now but thought this board seemed extremely quiet this morning considering the 113% increase in 1P reserves. However, looking at previous RNSs it looks like this is actually less than what GDG stated in their last reserves update... Previous RNS: · Total original gas in place of 25.2 Tcf · Net 1P reserves increase to approximately 300 Bcf (59 Bcf at 31 December 2012) · Net 2P reserves increase to approximately 600 Bcf (313 Bcf at 31 December 2012) · Net 3P reserves increase to approximately 2,600 Bcf (2,508 Bcf at 31 December 2012) Current RNS: Total Original Gas In Place of 25.2 Tcf on six blocks · Net 1P reserves increase 113% to 126 Bcf (2012: 59 Bcf) · Net 2P reserves increase 22% to 382 Bcf (2012: 314 Bcf) · Net 3P reserves decrease 5% to 2,382 Bcf (2012: 2,509 Bcf) So it's really a piece of bad-to-neutral news...?
Our risked DCF based valuation infers a core NAV of £3.21/share based on GDG’s development of 475bcf of gross GSS 2P reserves. GSN is now the clear front- runner for upside development with CUCBM committing an additional $100m capex, while we can also expect more rapid development of GSS now with 1,300 CUCBM wells available. Based on these our RENAV moves to £11.64/share, although the true upside on offer remains unclear, pending an imminent resource audit that will include all third-party wells. With 25tcf of net gas in place (GIP) in GDG’s portfolio, the potential if all goes to plan could be many multiples of our current RENAV This is building up towards June and for the faithful will offer an excellent ROI.
· GDG expects US$250 million additional GSS infrastructure investment from CUCBM Perhaps GEL will get some of that!
is GDG a good long or short term investment, opinions please.
GDG Now financed by one of China's biggest companies, plus an upside of 1000 gas wells the size of wales, forecasts of untapped profit are huge. Looks very promising this one. I think worth buying/investing in for the future. comments people ??
You say you have friends in the Chinese government, you should take more care with your remarks. You may lose them! Post reported.
I knew it wouldn't take long for these doom merchants to popup try being long term investors who do proper research who then know the business they are investing in not following the herd. This has got so much potential so sit back and enjoy the ride everyone and forget about coming on here with bribe talk seriously???
Find it yourself if you are serious about the business.
link? what you going on about hungry?
You should read the latest broker reports as it's all there.
Unlike many others on the market you have very little free float so when things move the swings are very dramatic.
wadnob, you're getting too excited again, but I would say if you tie in Maquarie and Edison's notes I think we're looking at double current SP by year end! But they need to start drilling a lot more wells to hit their target IMO
I'll take your word Hungry. I just like the business model and the Boss is a very clever man. I very much like that!
Omedome, yes a very nice report. Hits the sweet spot once again clearly identifying how integral the LiFaBriC technology is to the deal with CUCBM/CNOOC. Oh Happy days for GDG/GDL/GEL
This link actually works: http://www.investing.com/analysis/green-dragon-gas:-drilling-activity-to-increase-in-2014-15-208720 ....my bad