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Green Dragon Gas extends debt maturities as it works towards Hong Kong IPO

Published: 06:08 30 Oct 2017 EDT

oil and gas operations
An inter-creditor agreement is anticipated in mid-November

Green Dragon Gas Ltd (LSE:GDG) shares rose 4% after it agreed extensions to its debt maturities with the majority of debt holders moving the date out to November 20, 2018.

The extensions are subject to amendments being made to an inter-creditor agreement, which is anticipated to be completed on or before November 15.

WATCH: Green Dragon Gas now has 'very specific execution plan' on all exploration blocks

"We are very appreciative of the continued support from our debt holders at this current time in the evolution of the business and after an extensive due diligence process carried out by them on the Company's current activities and future potential,” said Randeep Grewal, Green Dragon chairman in a statement on Monday.

“These discussions endorse the quality of our asset-base, operational milestones achieved to-date, as well as the company's position to accelerate production across our vast acreage.”

Grewal highlighted that Green Dragon’s management team can now be focused on operations and its planned Hong Kong IPO.

READ: Green Dragon Gas inks deal with CNOOC unit to take forward fresh exploration campaigns

“We shall be providing a more comprehensive execution plan on the IPO at the AGM to be held in early December," he added.

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