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viewG3 Exploration Ltd

G3E working with liquidators on divestment of Green Dragon assets

Snapshot

The speed of proceedings has been hampered by the impact of coronavirus

China

Quick facts: G3 Exploration Ltd

Price: 9.9 GBX

LSE:G3E
Market: LSE
Market Cap: £15.45 m
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  • Liquidators working on a restructuring plan

  • Production businesses to be sold

  • G3E will retain the remaining development and exploration blocks

What it owns

Green Dragon owns a 47% stake in Block GCZ (Chengzhuang) in China with proven probable reserves (2P) of US$157mln and where its partner is PetroChina.

At Block GSS (Shizhuang South) Green Dragon owns 60% and CNOOC is its partner.

G3 also owns stakes in exploration and development blocks in China.

How it’s doing

Liquidators were appointed in December to assist G3 with the China-focused gas group’s restructuring.

The joint provisional liquidators (JPLs) have been appointed by the Grand Court of the Cayman Islands to preserve and protect the company’s assets and identify any opportunities that may exist to restructure or refinance the company.

In July, G3 said following a hearing for further directions held on 23 June 2020, the Court has directed, inter alia, the following: 

-  The JPLs are to be fully involved in and lead the refinancing of the Company's debt.

-  The JPLs are to provide written updates to the bondholders and the directors of relevant subsidiaries of the Company fortnightly with respect to any material development with respect to the progress of the refinancing.

Inflexion points

  • Liquidators sell producing assets

  • Proceeds are sufficient to pay off debts and other creditors

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Morning Report: G3 Exploration survives to fight another day

Headlines from the Proactive UK newsroom. China focused gas group G3 Exploration (LON:G3E) has received a stay of execution from the Grand Cayman Court. Joint Provisional Liquidators have been appointed and will work with the board and management to develop a re-structuring plan. Rockfire...

on 12/12/19

2 min read