21st Mar 2016 09:34
LONDON (Alliance News) - Green Dragon Gas Ltd Monday said its first LiFaBriC well to be drilled in China has been producing gas for eight straight years, adding the well has showed no signs of declining production rates.
LiFaBridC is a technique developed by AIM-listed Greka Drilling Ltd, and is an adaptation of the horizontal drilling methods traditionally used for drilling in coal seam reservoirs and is designed to provide a precise and high-quality completions' technique.
Greka developed the technique specifically for Chinese geology, and has a special relationship with Green Dragon as Randeep Grewal is the chairman of both companies.
Green Dragon said GSS-008 was the first well to be drilled using the LiFaBriC completion design on March 21, 2008, and said it has completed eight straight years of continuous and sustained gas production.
Since being drilled, that well has produced 1.28 billion cubic feet of gas.
Green Dragon shares were up 0.9% to 292.65 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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