REG - Green Dragon Gas Ltd - Nordic Bond Update <Origin Href="QuoteRef">GDG.L</Origin>

G3 ExplorationAnnouncement

05/06/2017 07:01

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 therequested waivers of its financial covenants for theUS$88 millionsenior secured bonds (the "Bonds")withNordic 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 27th April 2017.
We look forward to updating the market on the delivery of the remaining objectives as the year progresses.
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For further information on the Company and its activities, please refer to the website atwww.greendragongas.comor contact:
FTI Consulting
Edward Westropp / Kim Camilleri / Elizabeth Burnham / NtobekoChidavaenzi 
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 StockExchange (LSE: GDG). The Company has 559 Bcf of 2P reserves and 2,386 Bcf of 3P reserves across eight production blocks covering over 7,566km 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
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