China-focused gas producer Green Dragon reported a 36% increase in gross production for 2015 compared to the previous year.
Chairman and founder Randeep Grewal, said the increase reflected the continued focus on the development of infrastructure and the connection of wells to the production network from its existing 1,977 drilled wells.
The firm delivered an exit rate of 12.12 BCFPY for 2015 against a target of 12 BCFPY.
He said: “The 36% increase in gross production rate delivered by Green Dragon in 2015 versus 2014 reflects the company’s continued focus, along with that of our partners, on the development of infrastructure and the connection of wells to the production network from the existing 1,977 drilled wells.
“The increased production rate as we enter 2016 provides an excellent foundation to deliver growth and value for shareholders from domestic China which remains one of the world’s most buoyant energy markets. We are truly excited about 2016 and beyond.”
Green Dragon said it will make a full operations update in early February, which will provide operational guidance for 2016.
The company said it remains focused on delivering “a step change in production, continued improvement in the sales to production ratio and resulting cash generation”.
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