Proactive Investors - Run By Investors For Investors

G3 Exploration continues to see progress as GGZ project advances

"The GGZ Block has progressed from exploration into development and is an exciting proposition"
oil and gas operations
Recently drilled wells are being stimulated and will be online later this year

G3 Exploration Ltd (LON:G3E) highlighted its progress with exploration and development activities at the Baotian-Qingshan (or GGZ) block, in China’s Guizhou Province.

The company, in a statement regarding the period to the end of December, noted that it drilled 45 coal bed methane (CBM) production wells at GGZ, and in doing so it de-risked 30bn cubic feet of gas which were valued at US$300mln.

Fifteen wells were put on production and seven have so far seen initial commercial gas rates, it added.

Work operation are ongoing at GGZ, as there’s now a catalogue of wells that will be stimulated and brought into production during the second half of the year. It added that the anticipated commerciality of the GGZ Block will create additional shareholder value, as the asset’s development continues.

"The GGZ Block has progressed from exploration into development and is an exciting proposition as it contains multiple prospective coal seams,” said Randeep Grewal, chairman and chief executive.

“The block is located in Southern China, which has historically been short of gas production.”

Grewal added: "We see the GGZ Block offering considerable additional value to our shareholders.

“As a result, we will be progressing with the CRR and ODP during the course of the year. Realising the potential of the GGZ Block is a priority objective for the company in the medium term and one that I believe will achieve our dual aims of actively participating in the gas and clean energy revolution in China, while providing strong returns to shareholders.” 

View full G3E profile View Profile

G3 Exploration Limited Timeline

Related Articles

oil and gas operations
February 05 2018
The better-than-expected estimate for Ntorya is obviously good news, increasing the project's size by around 40% from the operator’s previous estimate.
September 21 2017
Bigoray's development could mark an absolute game- changer for the firm in terms of scale.
oil wells
February 01 2018
Hutson says investors like DGO because in a sector littered with over-optimism and disappointment it has stuck to the plan outlined when it listed

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use