G3 Exploration Limited Corporate Update (2358G)

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RNS Number : 2358G

G3 Exploration Limited

16 March 2020

16 March, 2020

("G3 Exploration", "G3E" or the "Company")

Corporate Update

In update to the 7th February, 2020 release, the Grand Court of the Cayman Islands (the "Court") appointed Joint Provisional Liquidators ("JPLs"), the independent officers of the Court, have been tasked to broadly preserve and protect the Company's assets and identify any opportunities which may exist to restructure or refinance the Company.

The JPLs have completed and filed their second report timely on 13(th) March, 2020 as to the likelihood of a viable restructuring of the Company and thus continue to support the on-going viability of the Group.

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 gradually assume increased work duties by month end. 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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March 16, 2020 03:06 ET (07:06 GMT)