16 March, 2020
("G3 Exploration", "G3E" or the "Company")
In update to the 7th February, 2020 release, the Grand Court of the Cayman
Islands (the "Court") appointed Joint Provisional Liquidators ("JPLs"), the
independent officers of the Court, have been tasked to broadly preserve and
protect the Company's assets and identify any opportunities which may exist to
restructure or refinance the Company.
The JPLs have completed and filed their second report timely on 13th March, 2020
as to the likelihood of a viable restructuring of the Company and thus continue
to support the on-going viability of the Group.
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 gradually assume increased work duties by month end. 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:
o Focus on core intellectual aptitude in developing coal bed methane
o Develop assets in an environmentally and socially prudent manner
o Protect accreted shareholder value
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