Green Dragon Sees Rise in China CBM Reserves for Tenth Straight Year

Green Dragon Gas, a China focused CBM producer, announced an increase in both its 1P and 2P estimated reserves as on December 31, 2015.

The estimates of reserves have been provided by independent reserve engineers Netherland Sewell and Associates. Net 1P reserves have increased 17 percent on year to 173 Bcf while net 2P reserves have increased 29 percent to 549 Bcf. Net 3P reserves were up 4 percent to 2,379 Bcf.

According to Green Dragon this is the tenth consecutive increase in 1P and 2P reserve volumes.

Green Dragon Gas has total Original Gas In Place of 25.6 Tcf across all its blocks. The report includes all 2,037 wells operated by Green Dragon, CNOOC and PetroChina across all blocks in which the company has varying equity interests.

Prices at year end used in the reserves evaluation were $11.5/Mcf at the production block, inclusive of government subsidies.