Coporate Update - Trading

RNS Number : 3237W

G3 Exploration Limited

10 December 2019

 

10 December 2019 

G3 EXPLORATION LTD.

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

Corporate Update - Trading

G3 announces a clarification to its trading announcement on 21 November, 2019. As announced on 2^nd December, 2019, the Cayman Court will hear on 11^th December, 2019 both the application from the Company and the one from the Nordic Bond Trustee.

Until the decision of the Cayman Court is received, the Company has withdrawn its application for suspension from the FCA and will evaluate such an application based on the outcome of the Cayman Court decision.

The Company expects to provide an update following the Courts decision.

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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