CONTENTS HIGHLIGHTS 2 CHAIRMANS STATEMENT 4 OPERATIONS OVERVIEW 6 CONDENSED CONSOLIDATED STATEMENT 8 OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENT 9 OF FINANCIAL POSITION CONDENSED CONSOLIDATED STATEMENT 11 OF…
HIGHLIGHTS Financial Highlights Revenue increased 8% to US16.8m (H1 2014: US15.5m) follows an increase in Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) sales, and in the weighted average CNG price in Greka retail…
Outlook Exit rate at end of H1 of 10.15 Bcf per year and on track to reach 12 Bcf per year annual production target Gas pricing to remain unaffected by any Chinese market volatility or potential future Chinese Yuan devaluation…
CHAIRMANS STATEMENT During the first six months of 2015, our investment and work along with our partners have built a strong operational and financial foundation for a significant ramp-up in production to a targeted exit rate of 12 Bcf…
Chairmans statement This is an exciting time for Green Dragon Gas as we begin our transition from a pure exploration company into a profitable production company with a vast portfolio of exploration assets. I look forward to updating…
OPERATIONS OVERVIEW Upstream H1 2015 gross production of 4.87 Bcf, an 18% increase compared to H1 2014 (H1 2014: 4.1 Bcf) GSS:1.63 Bcf production from GDG operated wells (H1 2014: 1.45 Bcf) 1.13 Bcf production from CUCBM operated…
Operations overview Downstream Piped Natural Gas (PNG) sales from GSS and GCZ in H1 2015 totaled 2.65 Bcf, an increase of 10% compared to H1 2014 (H1 2014: 2.4 Bcf), as follows: 0.549 Bcf from GDG standalone production at GSS…
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Six months ended 30 June 2015 Six months Six months Year ended ended ended 31 December 30 June 2015 30 June 2014 2014 Notes US000 US000 US000 unaudited unaudited…
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 30 June 2015 As at As at 30 June 31 December 2015 2014 Notes US000 US000 unaudited audited Assets Non-current assets Property, plant and equipment 6 158,022 157,627…
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 30 June 2015 As at As at 30 June 31 December 2015 2014 Notes US000 US000 unaudited audited Capital and reserves Share capital 13 16 16 Share premium 13 808,981…
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Six months ended 30 June 2015 Convertible Share based Foreign Share Share note equity payment Other exchange Retained capitalpremiumreservereservereservesreserve deficit Total…
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended 30 June 2015 Six months Six months Year ended ended ended 31 December 30 June 2015 30 June 2014 2014 Notes US000 US000 US000 unaudited unaudited audited…
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended 30 June 2015 Six months Six months Year ended ended ended 31 December 30 June 2015 30 June 2014 2014 Notes US000 US000 US000 unaudited unaudited audited Investing…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 1 GENERAL INFORMATION The condensed financial information for the six months ended 30 June 2015 and 30 June 2014 is unaudited and does not constitute a set of statutory financial…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 2 ACCOUNTING POLICIES (Continued) Critical accounting estimates and judgments The estimates and assumptions that have a significant risk or cause a material adjustment to the carrying…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 2 ACCOUNTING POLICIES (Continued) Critical accounting estimates and judgments (Continued) Determination of commercial production Judgment has been exercised in determining whether…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 3 REVENUE AND SEGMENTAL INFORMATION The Groups reportable segments are as set out below. The operating results of each of these segments are regularly reviewed by the Groups chief…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 3 REVENUE AND SEGMENTAL INFORMATION (Continued) For the year ended 31 December 2014 audited Sale of Retailing gas CBM gas station sales Corporate Sub-total Eliminations Consolidated…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 3 REVENUE AND SEGMENTAL INFORMATION (Continued) For the period ended 30 June 2014 unaudited Sale of Retailing gas CBM gas station sales Corporate Sub-total Eliminations Consolidated…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 4LOSS PER SHARE Six months Six months Year ended ended ended 31 December 30 June 2015 30 June 2014 2014 US000 US000 US000 unaudited unaudited audited Loss for the period (1,446)…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 7 GAS EXPLORATION AND APPRAISAL ASSETS US000 Cost At 1 January 2014 902,537 Additions 27,346 Share of gas exploration and appraisal assets from CUCBM 232,543 Reversal of PSC…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 8TRADE AND OTHER RECEIVABLES As at As at 30 June 2015 31 December 2014 US000 US000 unaudited audited Trade receivables 1,408 1,537 Other receivables 11,052 10,076 Amount due…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 10CONVERTIBLE NOTES (Continued) Convertible loan note issued 2014 (a)US50 million 7% coupon convertible note due 2017 On 2 June 2014 (Issue Date), the Company issued a three year…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 11 BONDS AND DERIVATIVE FINANCIAL INSTRUMENT (a) On 3 June 2013, the Company issued an 18 month bond of US35,000,000 with a maturity date of 3 December 2014 (Maturity Date). The bond…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 12PROVISIONS (Continued) Whilst the Directors remained confident of a successful appeal, in 2013 a provision was prudently made in the financial statements. The original US42.6 million…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 13 SHARE CAPITAL AND RESERVES (Continued) Nature and purpose of reserves (Continued) (iv) Other reserve In accordance with the regulations of the State Administration of Work Safety,…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 16 JOINT ARRANGEMENTS The Group currently has six (2014: six) production sharing contracts (PSCs) in the PRC. Background On 8 January 2003, the Group entered into four PSCs with CUCBM…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 16 JOINT ARRANGEMENTS (Continued) Framework Agreement with CUCBM (Continued) The Framework Agreement reaffirmed the status of the PSCs. Under the PSC, the exploration costs were due to…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 16 JOINT ARRANGEMENTS (Continued) Framework Agreement with CUCBM (Continued) Shizhuang North PSC In 2014, under the terms of the Framework Agreement, the Group agreed to reduce its…
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS 16 JOINT ARRANGEMENTS (Continued) Chengzhuang block (GCZ) (Continued) Amount due from/(to) CNPC USD000 Balance as at 1 January 2015 (4,407) Capital expenditure for GCZ block (755)…
RESPONSIBILITY STATEMENT We confirm that to the best of our knowledge: (a) the Condensed Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting, and give a true and fair view of the assets,…
INTERIM REVIEW REPORT FOR GREEN DRAGON GAS LTD. Introduction We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2015 which…
Interim review report for Green Dragon Gas Ltd. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the…
DIRECTORS, COMPANY SECRETARY AND ADVISORS DIRECTORS COMPANY SECRETARY Randeep S. Grewal International Corporation Services Ltd. Executive Director, Chairman and CEO CORPORATE BROKERS David Turnbull Citigroup Citigroup Centre…
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