Green Dragon Gas Ltd Nordic Bond Update (0894H)
05 June 2017 - 4:00PM
UK Regulatory
TIDMGDG
RNS Number : 0894H
Green Dragon Gas Ltd
05 June 2017
5 June 2017
GREEN DRAGON GAS LTD
("Green Dragon Gas" or the "Company")
Nordic Bond Update
Green Dragon Gas Ltd. (LSE: GDG), one of the largest independent
companies involved in the production and sale of Coal Bed Methane
(CBM) gas in China is pleased to confirm it has received 100%
acceptances of the requested waivers of its financial covenants for
the US$88 million senior secured bonds (the "Bonds") with Nordic
Trustee ASA (the "Bond Trustee"), which acts as the trustee for the
holders (the "Bondholders").
Alongside the successful execution of the waiver negotiations,
we have also agreed with the Bond Trustee the release of the
non-core downstream operational assets which will conclude the
evolution of Green Dragon Gas into a pure upstream business, and
will have achieved the first of the five stated objectives for 2017
as published in the Company's trading update on the 27(th) April
2017.
We look forward to updating the market on the delivery of the
remaining objectives as the year progresses.
- Ends -
For further information on the Company and its activities,
please refer to the website at www.greendragongas.com or
contact:
FTI Consulting
Edward Westropp / Kim Camilleri / Elizabeth Burnham / Ntobeko
Chidavaenzi
Tel: +44 20 3727 1000
Peel Hunt
Richard Crichton / Ross Allister
Tel: +44 20 7418 8900
About Green Dragon Gas Ltd
Green Dragon Gas is a leading independent gas producer with
operations in China and is listed on the main market of the London
Stock Exchange (LSE: GDG). The Company has 559 Bcf of 2P reserves
and 2,386 Bcf of 3P reserves across eight production blocks
covering over 7,566 km(2) of license area in the Shanxi, Jiangxi,
Anhui and Guizhou provinces. It holds six Production Sharing
Agreements with strong, highly capitalised Chinese partners
including CUCBM (CNOOC), CNPC and PetroChina, and has
infrastructure in place to support multiple routes to monetize gas
production.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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