CNOOC deal could be Green Dragon’s salvation

Green Dragon is forging a debt restructuring deal and has ended its eight-year spat with CNOOC, which could help boost its balance sheet Green Dragon is forging a debt restructuring deal and has ended its eight-year spat with CNOOC, which could help boost its balance sheet.
By Damon Evans 8 December 2017 0 28694
Chinese CBM drilling site of Green Dragon A Green Dragon site in China. (Green Dragon)

Green Dragon, the embattled China-focused CBM player, may have finally found a solution to its cashflow problems, the company’s chief executive has told Interfax Natural Gas Daily.

Randeep Grewal said Green Dragon was on the verge of restructuring its debt and that a favourable deal with China National Offshore Oil Corp. (CNOOC) should see production take off soon, which could generate significant cashflow.

Green Dragon has one of the largest proven plus probable CBM reserves in China – estimated at 15.8 billion cubic metres – 

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