G3 Exploration Limited Corporate Update (4747Y)
January 02 2020 - 1:00AM
UK Regulatory
TIDMG3E
RNS Number : 4747Y
G3 Exploration Limited
02 January 2020
2 January 2020
G3 EXPLORATION LTD.
("G3 Exploration", "G3E" or the "Company")
Corporate Update
In update to the 12 December, 2019 release, the Grand Court of
the Cayman Islands (the "Court") issued its Order as expected and
appointed Messrs Alexander Lawson, Christopher Kennedy and Ms Wing
Sze Tiffany Wong of Alvarez & Marsal as Joint Provisional
Liquidators ("JPLs").
The JPLs are independent officers of the Court. The primary
roles of the JPLs are, broadly, to preserve and protect the
Company's assets and identify any opportunities which may exist to
restructure or refinance the Company.
The JPLs have until 5(th) February 2020 to explore such
possibilities and prepare a report to the Court as to the
likelihood of a viable restructuring. The JPLs are expected to
undertake this process in consultation with the Company's existing
management and other key stakeholders including the Receivers.
During this eight-week period, and until further order of the
Court, the existing board of directors and management of the
Company shall remain in office and may exercise, with the oversight
of the JPLs, those powers conferred upon it by the Company.
Effective immediately, the Company has changed its reporting
yearend to 31(st) March of each year. As such, the audited report
for 2019 shall be published for a fifteen-month period ending
31(st) March, 2020.
Mr. Randeep S. Grewal, Chairman of G3 Exploration commented,
"The Group is focused on providing the JPLs all the necessary
support and facilitating their conclusions to the Court timely on
or before 5 February, 2019. We continue to work on our refinancing
objectives concurrently.
The change in fiscal yearend to March will facilitate the
expected material transactions to be concluded and financials
reflected fairly."
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 7,566km(2)
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:
-- Focus on core intellectual aptitude in developing coal bed methane
-- Develop assets in an environmentally and socially prudent manner
-- Protect accreted shareholder value
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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