Frontera Energy (FEC CN): Mixed Results at Acorazado Reiterate Investor Concerns

Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

Equity Bottom-Up

<p>Green Dragon's recent extension of its debt maturities and an associated amendment of terms - (i) signals continued investor confidence in management and solves key near-term liquidity concerns; (ii) provides significant operational flexibility to rapidly crystallize its Coal Bed Methane (CBM) resource; and (iii) paves the way for a secondary listing in Hong Kong and access to additional capital. Coupled with recent early success with the ongoing well-remediation program at the GSS block, we…</p>

Green Dragon's recent extension of its debt maturities and an associated amendment of terms - (i) signals continued investor confidence in management and solves key near-term liquidity concerns; (ii) provides significant operational flexibility to rapidly crystallize its Coal Bed Methane (CBM) resource; and (iii) paves the way for a secondary listing in Hong Kong and access to additional capital. Coupled with recent early success with the ongoing well-remediation program at the GSS block, we…

Green Dragon Gas (GDG LN): Debt Amend & Extend Provides Financial Breathing Room; BUY