Arbitral Award Appeal

RNS Number : 3921U

Green Dragon Gas Ltd

02 December 2013

 



2 December 2013

GREEN DRAGON GAS LTD

("Green Dragon" or the "Company")

Arbitral Award Appeal

Green Dragon Gas Ltd. (AIM: GDG), one of the largest independent companies involved in the production of CBM gas in China, announces that the Company's application to set aside the Award, previously announced on the 3^rd of September 2013, was heard on 28 November 2013. However, as the hearing could not be completed by the end of the day, the Singapore High Court directed that the hearing be adjourned for a further day of hearing, to be fixed. The further hearing date has not been fixed, but it is likely to take place in the first quarter of 2014.

Randeep Grewal, Founder and Chairman of Green Dragon Gas, commented:

"The Singapore High Court has ruled that Conoco Phillips China (COPC) is barred from enforcing the arbitral award until the hearings are concluded. A final decision on the case is not expected to be rendered until after the further hearing date.  The Company remains optimistic as to its prospects in the matter and is pleased with the appeal process thus far."

For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:

Stephen Hill, Corporate Communications Green Dragon Gas	[phone]
Dr Azhic Basirov / David Jones Smith & Williamson - Nominated Adviser & Broker	[phone]
Steve Baldwin / Nicholas Harland Macquarie Capital (Europe) Limited - Broker	[phone]
Richard Crichton / Andy Crossley Peel Hunt - Broker	[phone]
James Henderson / Philip Dennis Pelham Bell Pottinger - Investor Relations	[phone]

 

END

 

 

MSCUUSNROWAURRA