Edition: Global Global Select Region
Email: Passwd: or sign up free
One News Page
One News Page > Business > Green Dragon Gas production jumps 34pct, on track for 18bcf target
Open news article

Green Dragon Gas production jumps 34pct, on track for 18bcf target

Proactive Investors
Thursday, 10 May 2012

Green Dragon Gas (LON:GDG) remains on track to hit its ambitious anualised production rate target after seeing its gas output jump 34 percent to 414 million cubic feet in the March quarter.

The China focused coal bed methane (CBM) gas producer said the entire production came from the Shizhuang South block, where Greka Drilling’s LiFaBriC methodology applied to lined, faulted brittle coals continues to increase production rates.

The group has set a production rate target of 18 billion cubic feet of gas compared with the 1.5 bcf produced in 2011, which was a 150 percent increase over 2010.

As production rose, turnover increased to US$75.2 million in 2011 from US$49.7 million in 2the previous year.

The group drilled 67 wells during the year and closed 2011 with proved reserves up by five percent at 43 bcf, worth US$263 million.

Proved and probable (2P) reserve estimate by 18 percent to 307 bcf and there was a two percent rise in 3P reserves to 2,513 bcf of gas.

Exploration this year should yield sufficient results to enable another block to move into the production phase, Green Dragon said in its final results report in April.

The downstream gas retail business’ focus is now on compressed natural gas CNG distribution stations in Henan and Shanxi provinces in China, while the mid-stream business is developing CNG distribution channels in pipelines and power.
Share on FacebookShare on Twitter Comment

You Might Like

Other recent news in Business

Carter urges White House to reject KEYSTONE XLWHITE House Updates Privacy Policy So Everyone Understands Their Comments Are Public
WHITE HOUSE, CBO split on Fannie, Freddie’s profitability as Senate weighs overhaulSouth West Hoping For EASTER Tourism Boost
Michaels Stores confirms DATA BREACH that could've affected 3M shoppers2.6 Million Cards Affected in Data Breach at MICHAELS Stores
GOOD FRIDAY 2014: 3 Facts You Need To Know About Easter Holiday 'Viernes Santo'Biz Break: LINKEDIN hits milestone ahead of wave of social-media earnings reports
SPACEX making Easter delivery of station suppliesUNEMPLOYMENT RATES fall in 21 US states last month



comments powered by Disqus

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2014 One News Page Ltd. All Rights Reserved.  |  About us  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
One News Page - Top Headlines RSS Feed RSS  |  News for my Website  |  Free news search widget  |  Advertise  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |  One News Page on Facebook LIKE us on Facebook  One News Page on Twitter FOLLOW us on Twitter  One News Page on Google+ FIND us on Google+

Bullet: One News Page official news app for iPhone Bullet: Our news app for iPhone