G3 Exploration Limited Corporate Update (7030R)

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RNS Number : 7030R

G3 Exploration Limited

01 July 2020

1 July 2020

G3 EXPLORATION LTD.

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

Corporate Update

Further to the update on 15 June 2020, the Grand Court of the Cayman Islands has issued its Order. The Court has confirmed that the four-month extension of the provisional liquidation (granted on 12 June 2020) constitutes the final adjournment of the winding up petition hearing. Any further hearing on this matter could be re-listed for the first available hearing date from 12 October, 2020 onwards.

In addition, following a hearing for further directions held on 23 June 2020, the Court has directed, inter alia, the following:

   -      The JPLs are to be fully involved in and lead the refinancing of the Company's debt. 

- The JPLs are to provide written updates to the bondholders and the directors of relevant subsidiaries of the Company fortnightly with respect to any material development with respect to the progress of the refinancing.

The JPLs and the Company intend to utilise this four-month period to pursue the proposed refinancing. Further, the JPLs and the Company will concurrently continue to assist the Receivers in respect of the asset sale process.

About G3 Exploration Ltd.

G3E is a leading independent gas developer with operations in China and is listed on the main market of the London Stock Exchange (LSE: G3E). The Company 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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July 01, 2020 05:17 ET (09:17 GMT)