London listed Green Dragon Gas, a producer of coalbed methane gas in China, reported that its Baotian-Qingshan block in the Guizhou province has moved to development status.
Green Dragon Gas was a 'buy' tip for Midas in the Mail on Sunday. Yes, oil prices is tumbling and China's growth is slowing, but gas prices are more stable and this Chinese gas producer is expected to enjoyed rocketing revenues and profits in the coming years from its gigantic acreage of exploration property. Focused on a chemical-fee extraction of coal-bed methane, Green Dragon won a battle with state-owned giants in 2014, with Beijing confirming the London fully listed company's rights to the licences.
China-focused Green Dragon Gas has topped its annual targets for gross production for coal-bed methane gas.
Green Dragon Gas reported a smaller pre-tax loss for the first half as revenues increased, production ramped up and gas pricing remained strong.
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Sell shares of BG Group, Danny Fortson advised in the Sunday Times. Credit Suisse analysts have questioned whether the gas producer's big Australian operation will open on time and have said BG's estimates for its Brazilian oil fields are bigger than those of Petrobas, which leads the development. If the Australian project is delayed, BG could suffer penalty payments for contracts agreed. In the meantime, BG has no chief executive. Fortson concluded he was with Credit Suisse on BG.
After rising strongly so far this year shares in rental equipment company Ashtead have came off despite the company having delivered an apparently sparkling update. To a degree that is probably down to profit-taking. From a more fundamental point of view, investors are probably asking themselves what might go wrong. The most typical worry is over-investment, of which there have been instances in the past. However, its hire fleet is now the youngest ever, as customers prefer. On the one hand, that means the firm can now reinvest for growth, instead of just replacement, and get ahead of its rivals.
Green Dragon Gas (GDG), one of the largest producers of coalbed methane (CBM) gas in China, reported record revenues in 2013 and gave a confident outlook with title concerns now behind it.
Cash and carry outfit Booker on Thursday reported a 1.9 per cent rise in like-for-like sales for the latest quarter, or 16 per cent when sales from its recently acquired unit Makro are factored in. Interestingly, had it not been for tobacco sales, which took a hit from point-of-sales regulations and the increasing popularity of e-cigarettes, then like-for-like sales would have increased by 3.4 per cent. Total sales grew by 17 per cent to reach 4.7bn pounds and the firm ended the year with 150m pounds of cash on hand, ahead of forecasts.
First Group seems to be in decent shape, given that it has four contract renewals and bids for new franchises coming up. Also, its British bus division continues to grow steadily, with like-for-like sales rising by two per cent over the last year. Meanwhile, its rail division saw revenue growth of nearly six per cent. The latter may also benefit from a lengthy extension to its First Great Western contract. The US operations, on the other hand, were one of the victims of the recent "polar vortex" Stateside. That blew a 14m pound hole in its full-year profits.
Coal-bed methane specialist Green Dragon Gas has signed a non-binding preliminary agreement with state-owned China National Offshore Oil Corporation (CNOOC).