Update: China's gas fuelled wall of cash
Green Dragon Gas’s (GDG) move to the Main London market gives an increasing number of investors access to this key Chinese energy pure-play gas producer. The company is at the forefront of developing extensive coal bed methane (CBM) resources through favourable PSCs in conjunction with Chinese heavyweights CNOOC and PetroChina. Having been subjected to intensive UKLA due diligence, any lingering doubts around title and wider “China issues†should now be firmly a thing of the past. Instead, investors should be focusing on accelerating reserves, production and most importantly cash flow growth, with a recent $88m bond issue set to accelerate this substantial growth trajectory.Green Dragon Gas is an investment holding company. Through its subsidiaries, Co. is engaged in the exploration, development and production of coal bed methane in the People's Republic of China (PRC). The coal bed methane operations in the PRC are conducted through production sharing arrangements with China United Coal Bed Methane Corporation Ltd. As of Dec 31 2012, Co. conducted its businesses through these segments: sales of coal bed methane gas; transportation; pipelined gas distribution; gas stations sales; gas filling equipment sales; and corporate. As of the same date, Co. had net proved reserves of 59.00 billion cubic feet of coal bed methane.
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