7 February 2020
G3 EXPLORATION LTD.
('G3 Exploration', 'G3E' or the 'Company')
In update to the 12 December, 2019 release, the Grand Court of the Cayman Islands (the 'Court') issued its Order for the Joint Provisional Liquidators ('JPLs'), the independent officers of the Court, to broadly preserve and protect the Company's assets and identify any opportunities which may exist to restructure or refinance the Company.
As requested by the Court, the JPLs have filed their report as to the likelihood of a viable restructuring. The JPLs informed the Court that they intend to file a further report to the Court on 13 March 2020, by which time it is expected the Company will be in receipt of a signed Term Sheet regarding the proposed refinancing transaction.
Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, '. I am happy to report, no employee has been infected by the coronavirus till date and we expect to maintain prudence to avoid exposure until the virus is contained. The Group activities are ongoing without interruption.'
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 7,566km² 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