21st Oct 2013 10:00
LONDON (Alliance News) - Green Dragon Gas Limited Monday increased its gas production guidance on strong results in its first nine months of 2013, compared to the previous year.
The coal-bed, methane-gas production company, with operations in China, said its gas production increased 60% to 2.05 billion cubic feet for the nine months ended September 30 compared to 1.28 billion cubic feet the previous year.
The company said its third quarter gas production increased 2% to 711 million cubic feet from its second quarter production rate and that its year-end exit production rate is expected to exceed previous guidance of 5 billion cubic feet.
Total volume sales for the first nine months of 2013 increased 109% to 1.11 billion cubic feet from 530 million cubic feet, Green Dragon said.
The company said it is making headway in dialogue with third parties over drill sites and sales agreements.
Green Dragon Gas shares were up 4.2% to 276.05 pence Monday.
By Tom McIvor; [email protected];
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