Green Dragon Gas (GDG)

Business description

Green Dragon Gas is one of the largest independent companies involved in the production and sale of coal bed methane (CBM) gas in China.

Stock data

Market cap.£91.3m
Last close58.50p
High / Low (52 weeks)235.0p / 57.5p
Stock market listingLN
Forecast net debt (US$m)144.9
Forecast gearing ratio (%)23
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

Relative *(5.5)(7.9)(76.1)

* % Relative to local index

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Company news

Green Dragon Gas hits key milestone as it finalises agreement with CNOOC

Wed, 20 Sep 2017 08:17:54 GMT

Green Dragon Gas set to bolster output as it gets State approval for US$53mln ...

Fri, 15 Sep 2017 06:36:31 GMT

Green Dragon to proceed with 'robust' gas sales after finalising CNOOC agreement

Thu, 21 Sep 2017 12:20:01 GMT

Green Dragon Gas expects expedited project development after regulatory decision

Mon, 31 Jul 2017 08:51:56 GMT

Green Dragon Gas readies new block in China

Mon, 26 Sep 2016 15:17:35 GMT

Investment summary

Green Dragon Gas (GDG) has announced that it has finalised a Memorandum of Understanding (MoU) on five production sharing contracts (PSCs) and two supplementary agreements with China United Coalbed Methane Corporation (CUCBM), a subsidiary of China National Offshore Oil Corporation (CNOOC) for the GSS and GSN blocks. Management believes the MoU is a material milestone for the company, and that joint co-operation with CNOOC on the exploitation of the GSS and GSN blocks should lead to enhanced gas sales and greater certainty of cash flows for equity and debt holders. Our valuation and financial forecasts are under review (last published figures are shown below).

Last updated on 20/09/2017

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 37.7 20.1 (0.1) 0.0 N/A 0.1
2016A 29.1 10.5 (12.3) 0.0 N/A 0.2
2017E 31.9 16.1 (4.6) 0.0 N/A 0.6
2018E 51.3 35.1 7.3 0.0 N/A 0.4

Last updated on 24/08/2017

Latest research

Latest video

Executive Interview - Green Dragon Gas

Industry outlook

GDG’s gas price is largely driven by domestic policy; however, we expect that in the medium term, domestic regulated pricing will trend towards LNG import price parity. We assume that current realisations ($7.5/mcf as a blended average of CNG and PNG prices) will remain until 2018, beyond which it will track towards Chinese LNG import price parity.

Last updated on 06/09/2017

Key management

Randeep Grewal, Chairman & CEO
Alfred Yan, CFO

Company address

Suite 3308
Two Exchange Square
Hong Kong
+852 3710 068
View website