LONDON--(BUSINESS WIRE)--Green Dragon Gas, the leading independent gas producer with operations in China, is pleased to announce an increase in its estimated reserves as at 31 December 2014, as provided by independent reserve engineers Netherland Sewell & Associates, Inc (“NSAI”).
- Net 1P reserves increase 17% to 147.8 Bcf (2013: 126.2 Bcf); 1P NPV 10* increase 63% to US$1.46bn (2013: US$ 897.9m)
- Net 2P reserves increase 12% to 426.8 Bcf (2013: 382.3 Bcf); 2P NPV 10 increase 53% to US$4.3bn (2013: US$ 2.8bn)
- Net 3P reserves decrease 4% to 2,289.9 Bcf (2013: 2,381.5 Bcf); 3P NPV 10 increase 31% to US$21.18bn (2013: US$ 16.12bn)
- 9thconsecutive upgrade in 1P and 2P Reserve volumes and valuations**
* Net present value of future revenues, at a discount rate of 10%
** Based on 9 consecutive Audited Reserve Updates released by Green Dragon Gas since 2006
Randeep S. Grewal, Chairman and Founder of Green Dragon Gas, commented:
“I am pleased to be able to announce the ninth consecutive reserve upgrade in as many years. In addition to a substantial increase in our 1P and 2P numbers, further confirming the tremendous potential of our assets, the company has also delivered a significant increase in the valuation of our reserves, with the 1P valuation up 63% and 2P, respectively, 53%. This reflects our unique position in the sector, benefitting from strong, stable gas pricing de-coupled from Brent, in what is one of the fastest growing gas markets in the world. Our strategy is to continue to build on this platform, increasing our reserves and growing our production through an active drilling programme, additional partner investment at our operations, and a 2015 focussed drive to connect wells to infrastructure.”
For the full release and further information on the Company and its activities, please refer to the website at www.greendragongas.com.
About Green Dragon Gas
Green Dragon is an onshore China focused upstream (Exploration & Production) company, concentrating on its core asset value proposition over eight blocks, two of which are producing. The Company's blocks are located within six Production Sharing Contracts across four Provinces: Shanxi, Anhui, Jiangxi and Guizhou.