Green Dragon Gas Reissued Chinese Licenses

Chinese coal bed methane player Green Dragon Gas has announced that it has been reissued four exploration licenses covering the Shizhuang North (Shanxi), Qinyuan (Shanxi), Fengcheng (Jiangxi) and Panxie (Anhui) blocks. 

The license for the commercial production block Shizhuang South (Shanxi) was also reissued concurrently.

This action by the Central Government confirms the full force and effect of the Production Sharing Contracts (PSC), and follows the withdrawal by China United Coalbed Methane Corporation Limited, an affiliate of China National Offshore Oil Corporation, of the erroneous termination notices that appeared on its website related to the Company’s exploration blocks, Green Dragon said.