China Focused CBM Explorer Green Dragon Gas Releases Reserves Update

China focused coal bed methane explorer Green Dragon Gas has announced an increase in its estimated reserves as on December 31, 2014.

Net 1P reserves increased 17 percent to 147.8 Bcf, net 2P reserves increased 12% to 426.8 Bcf and net 3P reserves decreased 4 percent to 2,289.9 Bcf, company said in a statement Tuesday.

"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 percent and 2P, respectively, 53 percent. 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," Randeep S. Grewal, Chairman and Founder of Green Dragon Gas, commented.

Green Dragon Gas has total Original Gas In Place of 25.3Tcf on all blocks. The report includes all wells (1938) operated by Green Dragon, CNOOC and Petrochina across all blocks in which the company has equity interests.