G3 Exploration Limited Report on Payments to Governments for 2018 (0524F)

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RNS Number : 0524F

G3 Exploration Limited

10 July 2019

10 July 2019

G3 EXPLORATION LTD.

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

Report on Payments to Governments for the year 2018

G3 Exploration Ltd. (LSE: G3E) has prepared the following report in respect of payments made to governments during the year ended 31 December 2018. The information is provided in accordance with the Reports on Payments to Governments Regulations 2014 (2014/3209) and DTR 4.3A of the Financial Conduct Authority's Disclosure and Transparency Rules.

This report is available for download from: http://www.g3-ex.com

Under the requirements of the DTR, payments to State Owned Enterprises are classified as payments to Governments.

 
 Contract                                     Taxes              Social Insurance                       Royalty          Production entitlement         Infrastructure cost                 Licence fees                      Total 
 counterparty/ 
 project 
                                          (USD'000)                     (USD'000)                     (USD'000)                       (USD'000)                   (USD'000)                    (USD'000)                  (USD'000) 
                      -----------------------------  ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
 China National 
 Offshore Oil 
 Company (CNOOC) 
--------------------  -----------------------------  ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
   Shizhuang South 
    (GSS)                                       493                            41                             -                               -                          40                            -                        574 
--------------------                                 ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
   Shizhuang North                                -                             -                             -                               -                           -                            -                          - 
   (GSN) 
--------------------                                 ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
   Qinyan (GQY)                                   -                             -                             -                               -                           -                            -                          - 
--------------------                                 ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
   Panxie East (GPX)                              -                             -                             -                               -                           -                            -                          - 
--------------------                                 ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
   Fengcheng (GFC)                                -                             -                             -                               -                           -                            -                          - 
--------------------                                 ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
 Total CNOOC                                    493                            41                             -                               -                          40                            -                        574 
--------------------                                 ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
 Contracts with 
 PetroChina 
--------------------  -----------------------------  ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
   Chengzhuang (GCZ)                            958                             -                             -                               -                           -                            -                        958 
                      -----------------------------  ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
   Boatian-Qingshan 
    (GGZ)                                        30                             2                             -                               -                           -                            -                         32 
                      -----------------------------  ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
 Total PetroChina                               988                             2                             -                               -                           -                            -                        990 
                      -----------------------------  ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
 TOTAL (ALL PRC)                              1,481                            43                             -                               -                          40                            -                      1,564 
                      -----------------------------  ----------------------------  ----------------------------  ------------------------------  --------------------------  ---------------------------  ------------------------- 
 

The contracts that G3E operates under do not include provision for contract bonuses (signature, discovery, production) nor are any dividends paid from ventures.

For further information on the Company and its activities, please refer to the website at www.g3-ex.com or contact:

 
 G3 Exploration Ltd 
 Randeep S. Grewal, Chairman and CEO                             [e-mail] 
 VSA Capital Limited (Financial Adviser and Corporate Broker) 
 Andrew Monk (Corporate Broking)                                 [phone] 
 Andrew Raca (Corporate Finance)                                 [e-mail] 
 Yellow Jersey PR Limited 
 Tim Thompson                                                    [phone] 
 Harriet Jackson                                                 [e-mail] 
 Henry Wilkinson 
 

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 377 Bcf of 2P reserves and 2,044 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 has demonstrated perseverance in going the distance to monetise shareholder value 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 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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July 10, 2019 02:00 ET (06:00 GMT)