CNOOC accelerates Green Dragon's asset development via supplementary agreements

9/20/2017

LONDON -- Green Dragon Gas Ltd., one of the largest independent companies involved in the production and sale of coal bed methane (CBM) gas in China, has announced that it has finalized a memorandum of understanding (MOU) on five production sharing contracts (PSC) and two supplementary agreements with China United Coalbed Methane Corporation (CUCBM), a subsidiary of China National Offshore Oil Corporation (CNOOC), for Shizhuang South (GSS) and Shizhuang North (GSN) Blocks.

After eight years of administration, these agreements confirm GDG and CUCBM are firmly aligned and committed to maximizing the value within the PSCs, with the prioritization of gas sales being progressed forthwith.

The conclusion of these agreements resolves any uncertainty related to the historic drilling on the GSS and GSN Blocks with GDG’s interests in the 1,139 wells on the GSS Block and 188 wells on the GSN Block drilled by CUCBM, at a confirmed direct investment of $459.89 million, now agreed.

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