28th Oct 2013 11:47
LONDON (Alliance News) - Green Dragon Gas Limited Monday said it has significantly increased its resource estimate in China following a drilling programme by third parties on its production sharing contract.
The coal-bed, methane-gas production company said it increased its Net 1P reserves to roughly 300 billion cubic feet from 59 billion cubic feet at the end of December 2012. Its Net 2P reserves increased to approximately 600 billion cubic feet from 313 billion cubic feet, and its Net 3P reserves increased to roughly 2,600 billion cubic feet from 2,508 billion cubic feet.
The company said the increase in reserves, primarily at the company's Shizhuang South and Shizhuang North sites, is based on information disclosed by third parties operating the sites.
On October 21 the company 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.
Green Dragon Gas shares were up 2.3% to 248.00 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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