Last checked at 25 Mar 2015 07:00
25 March 2015
GREEN DRAGON GAS LTD
("Green Dragon" or the "Company")
First LiFaBriC well exceeds 1Bcf of cumulative production
Green Dragon Gas, the leading independent gas producer with operations in China, is pleased to announce that GSS 008, the first well to be drilled using Green Dragon Gas' LiFaBriC completion methodology, on line since March 21st 2008, has completed seven years of continuous gas production, with no decline in production rates. The well has produced a cumulative 1.05Bcf of production to date; a rate of return of 80% based on a realized CNG pricing.
Further, the Company is hosting a site visit to its Shizhuang South Production Block (GSS), part of its operations in the Shanxi Province, China, on Thursday 26 March. The site visit is being attended by senior equity analysts and institutional investors, and will comprise presentations from senior management and a tour of operations and infrastructure.
Randeep S. Grewal, Chairman and Founder of Green Dragon Gas, commented:
"I am very pleased with the sustained performance of our first LiFaBriC completion, which has now entered its eighth year of uninterrupted production. Since 2008, GSS008, and many other wells like it, have more than proved the benefits of the technology, delivering stable, continuous production with a significant return on investment.
I am delighted to welcome our guests to the Green Dragon Gas operations at Shizhuang South, one of the eight blocks covered by our six production sharing contracts in China's buoyant gas market. Our focus over the last few months has been the preparation for an intensive drilling programme that should support another step-change in production to 12bcf by year end. We remain confident that we can deliver on this objective."
Ends
For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:
Stephen Hill, VP Corporate Finance Green Dragon Gas | +44 20 7556 0988 |
David Simonson / Anca Spiridon Instinctif Partners - Investor Relations | +44 20 7457 2020 |
Tom Reid / Luke Spells Citigroup - Corporate Broker | +44 20 7986 4000 |
Sarah Wharry / Richard Redmayne Cantor Fitzgerald Europe - Corporate Broker | +44 20 7894 8896 |
Richard Crichton / Andy Crossley Peel Hunt -Corporate Broker
| +44 20 7418 8900 |
About Green Dragon Gas
Green Dragon is an onshore China focused upstream (Exploration & Production) company, concentrating on its core asset value proposition over eight blocks, two of which are producing. The Company's blocks are located within six Production Sharing Contracts across four Provinces: Shanxi, Anhui, Jiangxi and Guizhou.