Green Dragon Gas Inks Heads of Agreement with CNOOC's Subsidiary
by Green Dragon Gas Ltd.
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Press Release | Tuesday, October 29, 2013 | 9:39 PM EST
Green Dragon Gas Ltd., an independent company involved in the production and sale of coalbed methane (CBM) gas in China, reported Tuesday that following the announcement made Oct. 8 in relation to the drilling activities by third parties across the Company’s Production Sharing Contract (PSC) blocks in China, that it has entered into a non-binding Heads of Agreement (HOA) with Overseas Oil and Gas Corporation, Ltd., a subsidiary of China National Offshore Oil Corporation (CNOOC) regarding a potential transaction between the two companies.
Further announcements with regards to the progress of the HOA between Green Dragon and CNOOC will be made in due course, as appropriate.
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