Green Dragon Gas, CNOOC Sign Heads of Agreement
Green Dragon Gas, one of the largest independent companies involved in the production and sale of CBM gas in China, has entered into a non-binding Heads of Agreement (HOA) with Overseas Oil and Gas Corporation, Ltd, a subsidiary of China National Offshore Oil Corporation (CNOOC) regarding a potential transaction between the two companies.
Further announcements with regards to the progress of the HOA between Green Dragon and CNOOC will be made in due course, the company said.
On Monday, the company announced a significant increase in estimated reserves following the drilling of the additional 1500 wells drilled on its Production Sharing Contract areas by third parties.