G3 Exploration Limited Corporate Update (9339P)

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RNS Number : 9339P

G3 Exploration Limited

15 June 2020

15 June 2020

G3 EXPLORATION LTD.

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

Corporate Update

On 12 June 2020 the Grand Court of the Cayman Islands granted a four month adjournment of the winding up hearing and extended the Provisional Liquidation for the purposes of further advancing the Company's restructuring options within this period.

Upon the Court issuing its written Order expected before month end, the Company and Joint Provisional Liquidators will provide a more detailed update.

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 

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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June 15, 2020 02:00 ET (06:00 GMT)