G3 Exploration Ltd - Corporate Update
On 19 November, Nordic Trustees AS ("Nordic") presented a petition in the
The Company believes that the interests of all stakeholders (debt holders and shareholders) are best served if Joint Provisional Liquidators ("JPLs"), rather than JOLs, are appointed to facilitate the re-structuring of its assets and on-going business. During the period of the provisional liquidation, the Company would also benefit from a stay of proceedings, which will give the Company adequate time to restructure its assets and liabilities.
In view of the significant asset base and investments of over US$1billon in the development of its assets, the Company is seeking to re-structure its assets and liabilities in accordance with its previously announced business plan and believes that the JPLs will facilitate such execution to the benefit of all stakeholders. As such, the JPL appointment under the supervision of the
Notwithstanding these legal proceedings and the appointment of Receivers on 21st October, 2019, the Company continues as a going concern and has maintained its operations and remains committed to re-structure as follows:
1. Pay its Secured Creditors (Nordic and GIC) in full through either:
a. A Reserve Based Loan ("RBL") of c.
b. Sale of sufficient equity for cash in wholly owned
2. Following above execution, dividend
3. Continue as an Exploration and Appraisal company specializing in Coal Bed Methane.
We strongly encourage the appointment of JPLs so as to expedite a re-structuring of the company for the benefit of all stakeholders, which would enable the company to continue to deploy its technical expertise in the development of complex CBM reservoirs globally and continue as a going concern."
G3E is a leading independent gas producer with operations in
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
Quick facts: G3 Exploration Ltd
Market Cap: £15.61 m
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