G3 Exploration Limited Corporate Update (3137C)
February 07 2020 - 2:01AM
UK Regulatory
TIDMG3E
RNS Number : 3137C
G3 Exploration Limited
07 February 2020
7 February 2020
G3 EXPLORATION LTD.
("G3 Exploration", "G3E" or the "Company")
Corporate Update
In update to the 12 December, 2019 release, the Grand Court of
the Cayman Islands (the "Court") issued its Order for the Joint
Provisional Liquidators ("JPLs"), the independent officers of the
Court, to broadly preserve and protect the Company's assets and
identify any opportunities which may exist to restructure or
refinance the Company.
As requested by the Court, the JPLs have filed their report as
to the likelihood of a viable restructuring. The JPLs informed the
Court that they intend to file a further report to the Court on 13
March 2020, by which time it is expected the Company will be in
receipt of a signed Term Sheet regarding the proposed refinancing
transaction.
Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, ".
I am happy to report, no employee has been infected by the
coronavirus till date and we expect to maintain prudence to avoid
exposure until the virus is contained. The Group activities are
ongoing without interruption."
About G3 Exploration Ltd.
G3E is a leading independent gas producer with operations in
China and is listed on the main market of the London Stock Exchange
(LSE: G3E). The Company has 409 BCF of 2P reserves and 2,085 BCF of
3P reserves across eight production blocks covering over 7,566km(2)
of license area in the Shanxi, Jiangxi, Anhui and Guizhou
provinces. It holds six Production Sharing Agreements with strong,
highly capitalised Chinese partners including CNOOC, CNPC and
PetroChina, and has infrastructure in place to support multiple
routes to monetise gas production.
The company is committed to an exploration and appraisal focused
business plan in coal bed methane development across three
geographies concurrently. It has a well-established track record
and demonstrated expertise in gas monetisation through three basic
principles:
-- Focus on core intellectual aptitude in developing coal bed methane
-- Develop assets in an environmentally and socially prudent manner
-- Protect accreted shareholder value
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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