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G3E G3 Exploration Limited

0.00 (0.0%)
29 Nov 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
G3 Exploration Limited LSE:G3E London Ordinary Share KYG409381053 ORD USD0.0001 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 28.10 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 28.10 GBX

G3 Exploration (G3E) Latest News

Real-Time news about G3 Exploration Limited (London Stock Exchange): 0 recent articles

G3 Exploration (G3E) Discussions and Chat

G3 Exploration Forums and Chat

Date Time Title Posts
11/12/202013:10G3 Exploration moderated52
07/5/202010:55G3 Exploration174

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Posted at 11/12/2020 13:10 by figtree99
Share your wisdom oh great one ...
I am indebted.
Parted 2%
Posted at 27/8/2020 01:46 by invester2010
BTW it closed high of the day @10.80 buys. So buy and hold plnety of upside from this consilidaton area. Worth a risk at this price for mjaor gains. (Ealry bids get the worm in the end, as they say)

Few K each and its over 15p. The float is tiney, and only 10% of shares availbale to the public! just craxy on how it can go on with is kind of low float and availbale shares to the piblic. glta.
Posted at 25/8/2020 15:30 by city analyst1
Private investors would be wise to note the following:

On December 11 2019, and by order of the Grand Court of the Cayman Islands, Alexander Lawson, Christopher Kennedy, and Tiffany Wong were appointed Joint Provisional Liquidators (JPLs). All three are employees of Alvarez & Marsal Ltd.

The primary roles of the JPLs are, broadly, to preserve and protect the company's assets and identify any opportunities which may exist to restructure or refinance the company; possibly through a Reserves Based Lending (RBL) facility.

The subsidiaries of the company (Greka Gas China Ltd and Green Dragon Gas which holds all of the company's commercially producing assets), on the other hand, are under the control of the Receivers, Borrelli Walsh, who were appointed on September 09 2019.

Borrelli Walsh's objective is, primarily, to execute a partial sale of GDG; or a sale of ‘equity for cash’ in GDG to pay off the creditors (Nordic and GIC). The latter option would allow GDG to stay intact but with a new ownership structure (Nordic and GIC owning 30% and G3E owning 70%).

Thus, following the hearing on June 23 2020, the Grand Court of the Cayman Islands directed the JPLs to be:

• Fully involved in, and lead, the refinancing of the company's debt.

• Provide written updates to the bondholders and the directors (Borrelli Walsh acting as directors) of the relevant subsidiaries of the company fortnightly with respect to any material development with respect to the progress of the refinancing.

To this end, an announcement from the JPLs is now imminent. I believe Borrelli Walsh would prefer a Reserves Based Lending (RBL) solution over a partial sale of the company’s assets. Either way, it doesn’t really matter as either outcome should see off the creditors and return the company to rude health.

That aside, the most important aspect of this entire ‘fiasco’ should not go unnoticed by the private investor:

A recent report (by HSBC Zhengzhou Ltd) conducted for the company’s Reserves Based Lending application in October 2019, valued the producing Green Dragon Gas at $1.79 billion (or £1.36 billion); the GCZ block was valued at $485millon (1P) and the GSS block was valued at $1.3 billion (2P).

Now, think about that for moment…

The company’s current market cap is £17m (11pence per share). However, the company’s assets were valued at £1.36 billion back in October 2019; before the extraordinary rally in natural gas prices.

Anyway, less the company’s debt of circa £155m (owed to the bondholders), and allowing for substantive legal fees, administrative costs, and working capital requirements, implies a potential NAV of circa £900m.

Howard Stanley Marks, the serial value investor, and founder of the multibillion, wealth management firm Oaktree Capital Management, once opined that:

“Buying cheap stocks is great, but buying good companies cheaply is even better. That’s a potent combination.”

Posted at 10/2/2020 12:23 by wiseacre
Randeep Grewal, who drives around Hong Kong in his Rolls Royce, is persona non grata in mainland China, according to what I have been told. G3E must be a stock to stay well clear of
Posted at 08/1/2020 15:53 by zen12
It's subsidiaries under control of receivers and have been since Oct clarify G3E is NOT under the control of the reviewers!
Posted at 11/12/2019 16:31 by srpactive

I accept all you say and do not disagree, I was just commenting
on how the share price was moving.
Not questioning you, please do not get angry.

Everyone as you do very well must dyor.

Posted at 10/12/2019 07:38 by zen12
RNS Out! Suspension request withdrawn, all set for court hearing tomorrow for which G3E have already put forward a credible proposal...gla
Posted at 02/12/2019 22:53 by alexios1201
#G3E Listed in London 13years ago at $5.56$525M Mcap on IPOMinimal shareholder dilution since
Posted at 02/12/2019 21:17 by alexios1201
From julyVSA Capital Analyst note summary - 98p tgt price8 Jul '19G3 Exploration#: Refocusing on Core ExpertiseHaving successfully brought blocks GSS and GCZ into commercial production in 2010 and with gross sales of 5.7BCF delivering net profit of US$10.3m achieved in 2018 G3 Exploration (G3E LN) is now well placed to refocus on its core expertise of CBM development and exploration. G3E previously announced its intention to spin out the producing assets via a dividend in specie pending a trade sale or IPO. Currently held for sale at a value of US$390m we see this as the primary catalyst for the shares as this will enable repayment of outstanding debt as well as providing development capital for the remaining core development blocks.Accelerated Programme to Near Term ProductionG3E's core asset base after the dividend in specie will be the remaining six blocks which like GSS and GCZ are partnered with CNOOC and PetroChina under long standing and attractive PSCs. The near term focus is likely to be on blocks GGZ and GSN, the latter of which is adjacent to the currently producing blocks. With a recapitalisation achievable through the sale of the producing assets we believe that commercial production could be achieved rapidly and we anticipate peak net production of 5.4BCF and 3.1BCf respectively from these development blocks indicating the potential for significant annual cashflow. G3E applies the LiFaBriC drilling technology, which enables a sustained period of peak production which means that at GGZ we anticipate at least five years of free cash flow in excess of US$25mpa.Broader CBM OpportunitiesAlthough the strategic rationale for CBM in China remains compelling given import dependency of over 40% for natural gas and an ongoing shift from coal for power generation which will see China's use of coal for primary energy consumption fall from over 60% in 2012 to less than a third by 2050, we see the potential for CBM opportunities beyond China for G3E.The company has committed to entering a new geography and we see opportunities in terms of gas to power projects in Africa as well as exploiting uneconomically mineable coal seams in jurisdictions such as the UK as possibilities. G3E's primary drilling technique involves no injection of chemicals and a minimal surface print meaning a limited environmental impact whilst producing natural gas; the key bridge fuel over the coming decades, in our view.Recommendation and Target PriceWe initiate coverage with a BUY recommendation and target price of 98p
Posted at 02/12/2019 07:10 by kirk 6
G3 Exploration Limited Corporate UpdateSource: UK Regulatory (RNS & others)TIDMG3ERNS Number : 2873VG3 Exploration Limited02 December 20192 December 2019G3 EXPLORATION LTD.("G3 Exploration", "G3E" or the "Company")Corporate UpdateOn 19 November, Nordic Trustees AS ("Nordic") presented a petition in the Grand Court of the Cayman Islands ("Petition") for the appointment of Alvarez and Marsal as Joint Official Liquidators ("JOLs") of the Company. The Petition is currently listed to be heard on 11 December 2019.The Company believes that the interests of all stakeholders (debt holders and shareholders) are best served if Joint Provisional Liquidators ("JPLs"), rather than JOLs, are appointed to facilitate the re-structuring of its assets and on-going business. During the period of the provisional liquidation, the Company would also benefit from a stay of proceedings, which will give the Company adequate time to restructure its assets and liabilities.In view of the significant asset base and investments of over US$1billon in the development of its assets, the Company is seeking to re-structure its assets and liabilities in accordance with its previously announced business plan and believes that the JPLs will facilitate such execution to the benefit of all stakeholders. As such, the JPL appointment under the supervision of the Grand Court of the Cayman Islands is, in the opinion of the Board, the preferred path forward for the proposed restructuring of the Company and its subsidiaries. Thus, the Company filed an application with the Grand Court on 25(th) November, 2019 to request the appointment of JPLs. Under the JPL application, the directors will retain control of the day to day management of the Company while the JPLs can focus on identifying, facilitating and executing a comprehensive restructuring plan. The application for the appointment of the JPLs will also be heard on 11 December 2019. If its application is successful, the Company expects to continue as a going concern through this process and following the re-structuring.Notwithstanding these legal proceedings and the appointment of Receivers on 21(st) October, 2019, the Company continues as a going concern and has maintained its operations and remains committed to re-structure as follows: 1. Pay its Secured Creditors (Nordic and GIC) in full through either: a. A Reserve Based Loan ("RBL") of c.$200m through the Green Dragon Gas producing assets. Active discussions to conclude such an arrangement with a bank is underway; orb. Sale of sufficient equity for cash in wholly owned Green Dragon Gas so as to pay off creditors in full and have additional liquidity. Heads of Agreement with interested party is expected in the near term. A recent report, conducted for the RBL in October, valued the producing Green Dragon Gas, GCZ and GSS blocks at $485millon (1P) and $1.3 billion (2P). 2. Following above execution, dividend Green Dragon Gas to the Shareholders. 3. Continue as an Exploration and Appraisal company specializing in Coal Bed Methane. Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, "Over the past two years, we have worked cooperatively, and constructively, with our Secured Creditors on each of our initiatives to repay the debt due and look forward to doing so with the JPL.We strongly encourage the appointment of JPLs so as to expedite a re-structuring of the company for the benefit of all stakeholders, which would enable the company to continue to deploy its technical expertise in the development of complex CBM reservoirs globally and continue as a going concern."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 or visit Dow Jones NewswiresDecember 02, 2019 02:00 ET (07:00 GMT)
G3 Exploration share price data is direct from the London Stock Exchange

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