Green Dragon Gas Exceeds 2015 Gas Production Target

Coal bed methane explorer Green Dragon Gas has reported a 36 percent rise in production rate in 2015 compared with the previous year.

"The 36 percent increase in gross production rate delivered by Green Dragon in 2015 versus 2014 reflects the company's continued focus, along with that of our partners, on the development of infrastructure and the connection of wells to the production network from the existing 1,977 drilled wells,” Randeep S. Grewal, Chairman and Founder of Green Dragon, commented.

The China focused player also said it has exceeded its 2015-year end exit rate gross production target of 12.0 billion cubic feet per year (BCFPY) by delivering an actual 2015 exit rate of 12.12 BCFPY.

“The increased production rate as we enter 2016 provides an excellent foundation to deliver growth and value for shareholders from domestic China which remains one of the world's most buoyant energy markets. We are truly excited about 2016 and beyond," Grewal added.

Green Dragon intends to make a full operations update in early February. The update will provide operational guidance for 2016 and will include a comprehensive status report on progress made on the company's infrastructure for continued increases in production and gas sales.  

Green Dragon Gas’ assets consist of seven blocks across six inland Production Sharing Contracts (PSCs) in Shanxi, Jiangxi, Anhui and Guizhou provinces covering 7,566 square km.