G3 Exploration Limited Corporate Update (8023L)

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RNS Number : 8023L

G3 Exploration Limited

04 May 2020

4 May, 2020

G3 EXPLORATION LTD .

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

Corporate Update

Commencing on 30(th) April, 2020, the producing assets in the GSS gas field have been suspended at the direction of the Receivers, also acting as Directors of Greka Energy (International) BV ("GBV") reducing gas flow by c.150, 000 cubic meters per day. These actions were conducted during the current Chinese Labour Holidays.

The impact has caused some villages and its citizens to be without gas and electricity supply prompting the town government to become involved. The town government requires the production and supply to local consumers be restored as soon as possible.

Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, "I am disappointed to report such actions and saddened to see the local town and village citizens being deprived of basic gas and electricity supply We are attempting to restore gas production as soon as possible.

The JPL's and the Company continue to be committed to support the re-financing or asset sales completed so as to pay off the debt outstanding to GIC and Nordic Bond Holders.

Timely updates on actions taken shall be provided in due course"

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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May 04, 2020 04:27 ET (08:27 GMT)