Payments to Governments for the year 2016

RNS Number : 0414N

G3 Exploration Limited

03 May 2018

 

3 May 2018  

G3 EXPLORATION LTD.

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

Report on Payments to Governments for the year 2016

G3 Exploration Ltd. (LSE: G3E) has prepared the following report in respect of payments made to governments during the year ended 31 December 2016. The information is provided in accordance with the Reports on Payments to Governments Regulations 2014 (2014/3209) and DTR 4.3A of the Financial Conduct Authority's Disclosure and Transparency Rules.

Under the requirements of the DTR, payments to State Owned Enterprises are classified as payments to Governments.

Contract counterparty/ project	Taxes	Royalty	Production entitlement	Infrastructure cost	Licence fees	Total
	(USD'000)	(USD'000)	(USD'000)	(USD'000)	(USD'000)	(USD'000)
China National Offshore Oil Company (CNOOC)
Shizhuang South (GSS)	839	-	-	26	-	865
Shizhuang North (GSN)		-	-	-	-	-
Qinyan (GQY)	0	-	-	-	-	0
Panxie East (GPX)	0	-	-	-	-	0
Fengcheng (GFC)	0	-	-	-	-	0
Total CNOOC	839	-	-	26	-	865
Contracts with PetroChina
Chengzhuang (GCZ)	16	-	-	-	75	92
Boatian-Qingshan (GGZ)	1	-	-	-	172	173
Total PetroChina	17	-	-	-	248	265
TOTAL (ALL PRC)	856	-	-	26	248	1,130

The contracts that G3E operates under do not include provision for contract bonuses (signature, discovery, production) nor are any dividends paid from ventures.

For further information on the Company and its activities, please refer to the website at http://www.g3-ex.com/or contact:

FTI Consulting: Edward Westropp/Kim Camilleri Tel: [phone]

About G3 Exploration Ltd.

An independent specialist in the exploration and development of coal bed methane gas (CBM); G3 Exploration has accumulated a unique wealth of experience through its significant 25 year track record of technology-led exploration and drilling success in CBM, across different geographies.

G3 Exploration's intention is to leverage its expertise, monetise its current 7112km² acreage position in mainland China and widen its asset portfolio into other prospective geographies across  Africa, Europe and Asia, utilising its proprietary knowledge and experience in exploiting CBM resources. Furthermore, G3 Exploration has interests in Green Dragon Gas, which comprises of two producing assets with an acreage of 455km² in Shanxi province, China.

G3 Exploration is listed on the main market of the London Stock Exchange (LSE: G3E).

 

END

 

 

PGREAESDELPPEFF