Green Dragon Gas Ltd., one of the largest independent companies involved in the production and sale of coal bed methane (CBM) gas in China, announced Monday that it has exceeded its 2015 year end exit rate gross production target of 12.0 billion cubic feet per year by delivering an actual 2015 exit rate of 12.12 billion cubic feet per year.
In addition, and remaining consistent with previous years, the Company intends to make a full Operations Update in early February. The Operations 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. The Company remains focused on delivering a step change in production, continued improvement in the sales to production ratio and resulting cash generation.
Randeep S. Grewal, chairman and founder of Green Dragon, commented:
"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. 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."
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