Green Dragon Gas Ltd. announced that the China National Development and Reform Commission (NDRC) has approved a Project Code for the Overall Development Plan (ODP) on the Greka Chengzhuang Block (GCZ), confirming its final approval. State approval of the project code means that the Company can commence the Block's ODP and further develop the acreage. The Company has a 47% participating interest in the GCZ Block with its 53% partner, China National Petroleum Corporation (CNPC).Contract area is 67 km² of which ODP covers an area of 33 km², with proved reserves of approximately 275 Bcf. As of date, 114 wells have been drilled on the acreage. The development plan is now being implemented by the joint management committee and includes the drilling of an additional 147 production wells to be drilled by yearend 2018. These wells will be targeting both coal seam #3 & coal seam #15. Gross production capacity is estimated to be 6.36 Bcf per year. The development cost for GCZ will be c. $53.80 million over 2017 and 2018. CNPC will invest $28.51 million according to its 53% participating interest and the Company $25.28 million based on its 47% participating interest in the Block. The Block is jointly operated by CNPC and the Company through a joint management team based in Jincheng, Shanxi.