Last checked at 20 Dec 2017 13:19
20 December 2017
GREEN DRAGON GAS LTD
("Green Dragon Gas", "GDG" or the "Company")
Green Dragon Gas Ltd. (LSE: GDG), one of the largest independent companies involved in the production and sale of coal bed methane ("CBM") gas in China, is pleased to announce that all resolutions were duly passed at its Annual General Meeting ("AGM") held on Wednesday, 20 December 2017.
As per the Notice of AGM announced on 6 December 2017, and approved by shareholder vote at the AGM, GDG plans to list the Company's producing assets, within the GSS Production Sharing Contracts (60% interest in GSS Block, and 47% interest in GCZ Block) onto the Hong Kong Stock Exchange as a dividend in specie. GDG's remaining exploration and development assets will continue to be listed on the LSE Main Market. The London listed entity will undergo a name change and rebranding to G3 Exploration Limited, which will be effective at the start of 2018.
A copy of the presentation delivered at the Annual General Meeting will be available on the Company's website later today at www.greendragongas.com.
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For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:
FTI Consulting
Edward Westropp / Kim Camilleri / Elizabeth Burnham / Toby Chidavaenzi
Tel: +44 20 3727 1000
About Green Dragon Gas Ltd
Green Dragon Gas is a leading independent gas producer with operations in China and is listed on the main market of the London Stock Exchange (LSE: GDG). The Company has 559 Bcf of 2P reserves and 2,386 BCF of 3P reserves across eight production blocks covering over 7,566 km² of license area in the Shanxi, Jiangxi, Anhui and Guizhou provinces. It holds six Production Sharing Agreements with strong, highly capitalised Chinese partners including CUCBM (CNOOC), CNPC and PetroChina, and has infrastructure in place to support multiple routes to monetise gas production.