21st Oct 2014 14:20
LONDON (Alliance News) - Green Dragon Gas Ltd Tuesday said its reserves and resources have been confirmed by a competent person report, and it reported an increase in NPV10 reserve valuations as at the end of April.
Green Dragon is preparing to transfer to the main market of the London Stock Exchange and made the reserves disclosure within a prospectus it published in relation to its move from AIM.
The coal-bed methane gas company believes a main market listing is the most appropriate platform for its growth, as it thinks the move will boost the liquidity of its shares and provide a greater range of potential investors.
Green Dragon Gas said:
- Proved reserves: USD985.8M, a 6.6% increase (Dec 31 2013: USD898M)
- Proved plus probable reserves: USD3.10B, a 10% increase (Dec 31 2013:USD2.81B)
- Proved plus probable plus possible reserves: USD18.56B, a 15% increase (Dec 31 2013: USD16.12B)
The company presented the data on the basis of net present value of future revenues, at a discount rate of 10% in millions of dollars.
Green Dragon Gas shares were Tuesday quoted up 10% at 524.03 pence.
By Samuel Agini; [email protected]; @samuelagini
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