21st Jan 2014 10:16
LONDON (Alliance News) - Green Dragon Gas Ltd Tuesday said total gas production rose fourfold in 2013 as third-party gas sales drove up the amount of gas developed on the company's acreage.
The coal-bed methane producer in China said its total gas production increased to 7.19 billion cubic feet for the twelve months ended December 31, from 1.78 billion cubic feet in 2012.
The company said its total full-year standalone gas production increased 11% to 2.9 billion cubic feet, largely based on a 43% increase in fourth quarter standalone production to 722 million cubic feet.
The rest of the production came from the sale of gas by third parties on the company's acreage.
The company said it remains confident of achieving a target exit rate in 2014 of 18 billion cubic feet, more than double the 2013 figure.
Green Dragon said its total sales for 2013 was 1.53 billion cubic feet, a 71% increase on 2012 with the majority coming from piped natural gas.
The company said that at the end of 2013 it has 71 LiFaBriC wells, 235 total wells and roughly 1,300 wells pending review.
LiFaBriC methodology is an adaptation of horizontal drilling methods used in coal seam fracking and allows far greater surface area exposure to the coal seam.
Green Dragon Gas shares were up 7.4% to 284.60 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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