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Green Dragon Gas Signs MOU with PetroChina

Source: www.gulfoilandgas.com 12/12/2013, Location: Asia

Green Dragon Gas Ltd., one of the largest independent companies involved in the production and sale of CBM gas in China, is pleased to announce that it has entered into a binding Memorandum of Understanding (MOU) with PetroChina Company Ltd (“PetroChina”), regarding confirming the Company’s participating interests in the Chengzhuang block ("GCZ"), a block included within the Shizhuang South (“GSS”) Production Sharing Contract.

The signing of this MOU follows the announcement made on 8 October 2013 in relation to the drilling activities by third parties across the Company’s blocks.

Under the MOU, PetroChina will provide all information necessary for the Company to complete an audit so as to conclude and accept the capital expenditures incurred to develop the block, the gas production, gas sales and related revenues. Commercial gas sales began in March 2010. The parties have agreed to conclude the audits and the related definitive agreements on payments in the first quarter of 2014. Furthermore, the parties agreed that PetroChina will continue to be the operator of the GCZ block, while the Company will continue to operate the GSS block.

Randeep S. Grewal, Founder and Chairman of Green Dragon Gas, commented:

“We are pleased to be in continued cooperation with PetroChina and look forward to partnering with them as they operate the GCZ block. Following the upcoming audit, we will be able to confirm the amount of expected receivable from prior year gas sales as well as the related capital spent for the block’s development. We now look forward to progressing this MOU to a successful conclusion for our shareholders early in 2014.”

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