G3 Exploration Regulatory News (G3E)

21 Feb 2008 08:00

Green Dragon Gas Ltd21 February 2008 21 February 2008 GREEN DRAGON GAS LTD. ("Green Dragon" or the "Company") Appointments of COO of GTS unit and Morgan Stanley as Joint Book Runner Green Dragon Gas Ltd. (AIM: GDG), the Chinese coal bed methane business, todayannounces the appointment of Zhang Bao Zhuang as Vice President and ChiefOperating Officer of its in-house drilling and technical services unit, GrekaTechnical Services, ("GTS") with effect from 18 February 2008. Based inZhengzhou, Mr. Zhang will be responsible for the engineering, drilling,development and information technology of the Company's upstream, midstream anddownstream businesses. Prior to joining GTS, Mr Zhang worked at Huabei Petroleum, a drilling andengineering services subsidiary of China National Petroleum Corp, for 28 yearsand most recently was President of Huabei Petroleum. Mr Zhang joined HuabeiPetroleum in 1976 as an engineer and became General Manager of its downholebusiness in 1983, assuming various senior management positions within the HuabeiPetroleum subsidiaries until 1995, namely General Manager of its well testingbusiness and Vice Chief Engineer and Vice President & General Manager of ErlianExploration & Development Company. From 1995 to 1999, Mr. Zhang was the GeneralManager of China National Oil Development Company and was appointed as Presidentof Huabei Petroleum for the period 1999 to 2004. From Jan 2003 to Jan 2008, MrZhang was a member of the Standing Committee of Hebei Provincial People'sCongress. Mr Zhang brings over 30 years of oil and gas exploration anddevelopment, drilling engineering and management experience in China. He ishighly experienced in all elements of drilling engineering including: welllogging; test and work over wells; mud logging; cementing; fracturing; acidtreatment; perforating; machinery; and logistics. Green Dragon previously announced an order for five drilling rigs and the hiringof 100 drilling crew based in Zhengzhou, Henan to man the rigs and providecomprehensive technical services to the Company's businesses. GTS is expected tobe operational by mid 2008 and engaged on a continuous drilling program from thethird quarter onwards reducing the Company's dependence on contractors. Green Dragon continues to progress its listing application which was filed withthe HK Stock Exchange in December last year. Morgan Stanley has been appointedas Joint Book Runner and Joint Lead Manager to the offer alongside UBS. Due tothe application process and current market volatility, the Company now expectsthe listing to occur later in the year. Commenting on the appointments, Randeep Grewal, Chairman and CEO, said: "I am excited and delighted with the addition of Mr Zhang Bao Zhuang to ourexpanding management team. Mr Zhang is uniquely qualified to lead thedevelopment of our GTS unit into a significant and successful Technical Servicesbusiness unit. He has successfully demonstrated similar accomplishmentsthroughout his distinguished career. Mr Zhang is highly recognized throughoutChina for his abilities as a technical leader with a proven track record." For further information on the Company and its activities, please refer to thewebsite at www.greendragongas.com or contact: Randeep S. Grewal Tim Thompson/Nick MelsonBetty Cheung Investor RelationsGreen Dragon Gas Buchanan Communications+852 3710 0168 +44 20 7466 5000 Dr Azhic Basirov/David JonesNominated Adviser & BrokerSmith & Williamson Corporate Finance Limited+44 20 7131 4000 This information is provided by RNS The company news service from the London Stock Exchange