LONDON--Green Dragon Gas Ltd (GDG.LN), a producer of coal bed methane gas in China, Friday said it agreed to pay $40 million to ConocoPhillips (COP) to settle the legal proceedings between the companies in multiple jurisdictions.

AT 0907 GMT, Green Dragon shares were unchanged in London.

Shares at 0908 GMT flat at 488 pence.

Write to Ed Ballard at ed.ballard@wsj.com

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