Report on Payments to Governments for 2018

RNS Number : 0524F

G3 Exploration Limited

10 July 2019

 

10 July 2019

G3 EXPLORATION LTD.

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

Report on Payments to Governments for the year 2018

G3 Exploration Ltd. (LSE: G3E) has prepared the following report in respect of payments made to governments during the year ended 31 December 2018. 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.

This report is available for download from: http://www.g3-ex.com 

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

Contract counterparty/ project	Taxes	Social Insurance	Royalty	Production entitlement	Infrastructure cost	Licence fees	Total
	(USD'000)	(USD'000)	(USD'000)	(USD'000)	(USD'000)	(USD'000)	(USD'000)
China National Offshore Oil Company (CNOOC)
Shizhuang South (GSS)	493	41	-	-	40	-	574
Shizhuang North (GSN)	-	-	-	-	-	-	-
Qinyan (GQY)	-	-	-	-	-	-	-
Panxie East (GPX)	-	-	-	-	-	-	-
Fengcheng (GFC)	-	-	-	-	-	-	-
Total CNOOC	493	41	-	-	40	-	574
Contracts with PetroChina
Chengzhuang (GCZ)	958	-	-	-	-	-	958
Boatian-Qingshan (GGZ)	30	2	-	-	-	-	32
Total PetroChina	988	2	-	-	-	-	990
TOTAL (ALL PRC)	1,481	43	-	-	40	-	1,564

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 www.g3-ex.com or contact:

G3 Exploration Ltd
Randeep S. Grewal, Chairman and CEO	[e-mail]
VSA Capital Limited (Financial Adviser and Corporate Broker)
Andrew Monk (Corporate Broking)	[phone]
Andrew Raca (Corporate Finance)	[e-mail]
Yellow Jersey PR Limited
Tim Thompson	[phone]
Harriet Jackson	[e-mail]
Henry Wilkinson

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 377 Bcf of 2P reserves and 2,044 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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