16/08/2006 The London Stock Exchange is delighted to welcome Green Dragon Gas to AIM.
16 August 2006
The London Stock Exchange is delighted to welcome Green Dragon Gas to AIM.
Green Dragon is the parent company of Greka Energy (International) BV (“Greka”), a pioneer in the appraisal and development of coal bed methane (“CBM”) projects in China.
Coal bed methane is gas which exists within the carbon lattice of coal at a molecular level. The expansion of the Chinese economy has led to rapidly increasing demand for energy resources which outstrips supply. Gas currently accounts for around 3% of demand in China.
The Company has raised approximately US$22.2 million (net of expenses) pursuant to the Placing. Green Dragon has 94,513,413 Ordinary Shares in issue and a market capitalisation of approximately US$525 million at the Placing Price.
Commenting on the placing and admission to AIM, Green Dragon’s Chairman and Chief Executive, Randeep Grewal, said:
“2007 promises to be a landmark year for CBM and its contribution to the Chinese energy supply. Green Dragon is a pioneer, one of the largest foreign partners of the Chinese government in CBM and ideally positioned to capitalise on the country’s increasing demand for energy. This listing is an important and timely milestone in our growth driven strategy.
Green Dragon’s vision is to be the leader in providing the Chinese population with environmentally friendly gas resources through the substantial commercial development of China’s CBM resources.”
Further information on the Company can be found on www.greendragongas.com.