01/02/2020 | Press release | Distributed by Public on 01/02/2020 01:13
2 January 2020
G3 EXPLORATION LTD.
('G3 Exploration', 'G3E' or the 'Company')
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 5th 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 31st March of each year. As such, the audited report for 2019 shall be published for a fifteen-month period ending 31st 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 7,566km² 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 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