Announcement of Suspension

RNS Number : 2330U

G3 Exploration Limited

21 November 2019

 

21 November 2019 

G3 EXPLORATION LTD.

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

Announcement of suspension of Trading

On 19 November, Nordic Trustees AS ("Nordic") presented a petition in the Grand Court of the Cayman Islands and the appointment of joint official liquidators of the Company which is to be heard on 11 December 2019. 

Pending the hearing of Nordic's petition, trading in the Company's shares has now been suspended at the request of the Company.

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 has demonstrated perseverance in going the distance to monetise shareholder value 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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