- Green Dragon Gas's [LON:GDG] share price was down slightly in late trading after it posted a pre-tax loss of $34.7m for the year to the end of December - up from $16.8m last time.

Reported revenue from continuing operations increased to $62.2m ($8.1m: 2012). The increase in revenue was primarily driven by the agreement with PetroChina signed in December, which allowed for the company'scumulative share of the sale of gas by PetroChina from the GCZ block, amounting to $48.2m S$15.8m in 2013 and $32.4m from 2010-12) since commencement, recognised in 2013. E&P capex was US$12.3m. This lower discretionary spend reflected the prudent approach taken by the company to limiting investment while the final binding agreements were signed.

The company said it also significantly strengthened its balance sheet, raising a total of $135m from the disposal of non-core assets and the issuance of $70m of bonds and warrants. $84.2m was subsequently used to repay in full the outstanding convertible bonds. At 31 December, the group had cash of US$34.6m.

Since the year end the company has issued an additional US$50m of convertible bonds to GIC Private Limited following the full conversion of the entire US$35m convertible bond issued to GIC Private Ltd during 2013.

The arbitration tribunal relating to funds paid to the company by ConocoPhillips China Inc (COPC) in relation to a farm-in deal entered into in 2009, awarded COPC $42.6m plus costs during the period. The company subsequently filed an appeal which focuses on the breach of natural injustice and lack of due process by the tribunal. Green Dragon will update its shareholders on this process as appropriate.

Founder and chairman Randeep S. Grewal said: "One of the primary objectives in 2013 was to protectshareholder equity within the vast gas assets and eradicate the erroneous commentary and ambiguity over title to our assets. This was successfully achieved in July 2013 and duly documented by year-end in agreements with CNOOC/CUCBM and CNPC/PetroChina.

"A consequence of resolving the title issues was the subsequent discovery of extensive work having taken place, including drilling and gas sales, on the Company's assets over the preceding years, by CNPC/PetroChina and CNOOC/CUCBM. With the support and over-sight of the Chinese government, Green Dragon signed agreements with both companies. This has secured our shareholders' rightful economic benefit in these activities, de-risked the assets and paved the way for the value of these assets to be fully realized in the future.

"As mentioned in previous shareholder communications, while the title matters were being addressed, we elected to take a prudent approach to investment and capital expenditure, and as such we elected to suspend our discretionary 150 well drilling programme in GSS which we are now in the process of re-activating. Similarly, we elected to reduce the level of operational activity on all our PSCs somewhat during the period. With the title concerns now behind us we are once again focused and committed to drive our operational plans going forward enhancing our shareholder value into a new paradigm with funding expected to be via debt facilities."

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Trans-Siberian Gold [LON:TSG] posted an after-tax loss of $15.7m for the year to the end of December - up from $4.7m last time.

Trans-Siberian Gold said that Asacha's second full year of operation produced 29,670 oz (2012: 27,588 oz) of refined gold and 39,026 oz (2012: 35,110 oz) of refined silver.

The main operational issue during the year continued to be high dilution in the mine, reducing the grade of ore delivered to the plant. In 2012 a comprehensive technical mine audit highlighted several factors which had contributed to the dilution problem, including stoping methods, the blasting scheme, a lack of both appropriate equipment and experienced personnel and concluded that long hole blasting, as prescribed in the mine's design, was not appropriate for some areas of fractured rock enclosing the main stoping zone planned for mining in 2012.

Revenue from the sale of 30,889 oz of refined gold (2012: 26,326 oz) and 40,909 oz. of refined silver (2012: 32,964 oz) was $43.3m and $926,000 respectively (2012: $43.9m and $976,000).

Average realised prices were $1,402 per oz gold and $23 per oz silver (2012: $1,668 per oz gold and $30 per oz silver).

Cost of sales rose to $46.4m (2012: $37.2m), the 24.7% increase reflecting the 17.3% increase in oz of refined gold sold, also higher fuel and material costs, the latter including an increase in explosives used in short hole blasting.

Cost of sales per oz gold, net of the credit from silver sales revenue, was $1,471 (2012: $1,275). Cash cost per oz gold including depletion, net of the silver credit and excluding royalty, was $1,029 (2012:$858).

* * *

Teck Ireland Ltd is withdrawing from the joint venture agreement on Alba Mineral Resources' [LON:ALBA] Limerick licence.

The JV was announced on 7 December 2011 and the results of the work carried out under the JV were reported in the 2012 financial statements released on 26 April 2013.

Alba believes there is merit in retaining the licence even though the JV has been dissolved, and an application is being made to the relevant Irish authorities to renew the licence for a further two year period.

* * *

The sector's biggest risers were Vatukoula Gold Mines [LON:VGM] and SolGold [LON:SOLG] - up by more than 21% and nearly 14% respectively in late trading. The biggest fallers were Wessex Exploration [LON:WSX] - down by more than 10%.

At 4:01pm:

[LON:ALBA] Alba Mineral Resources PLC share price was 0p at 0.31p

[LON:AMI] African Minerals Ltd share price was -2.62p at 90.88p

[LON:AQP] Aquarius Platinum Ltd share price was -0.62p at 24.88p

[LON:BEM] Beowulf Mining PLC share price was -0.23p at 4.25p

[LON:BKY] Berkeley Resources Ltd share price was +0.01p at 14.38p

[LON:CEY] Centamin PLC share price was +1.53p at 62.53p

[LON:CHL] Churchill Mining PLC share price was -0.13p at 17.75p

[LON:CZA] Coal of Africa Ltd share price was -0.08p at 3.88p

[LON:FDI] Firestone Diamonds PLC share price was +2.75p at 37.75p

[LON:FRES] Fresnillo PLC share price was +5.75p at 781.25p

[LON:GDG] Green Dragon Gas Ltd share price was -5p at 535p

[LON:GEMD] Gem Diamonds Ltd share price was +2.38p at 158.63p

[LON:HOC] Hochschild Mining PLC share price was +1p at 148.75p

[LON:KMR] Kenmare Resources PLC share price was -0.36p at 9.32p

[LON:SOLG] SolGold PLC share price was +1.13p at 9.25p

[LON:TSG] TransSiberian Gold PLC share price was 0p at 10.5p

[LON:VED] Vedanta Resources PLC share price was +21.5p at 1191.5p

[LON:VGM] Vatukoula Gold Mines PLC share price was +0.27p at 1.72p

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