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LONDON (Alliance News) - G3 Exploration Ltd on Thursday said it registered double-digit revenue growth in 2018 on higher gas prices and improved sales volumes.
The exploration and development company reported a pretax loss of USD21.0 million for 2018 compared to USD17.1 million reported a year earlier.
Revenue totalled USD28.6 million, up 11% from USD25.7 million in 2017, mainly attributed to a slight increase in average gas selling prices. Reported revenue includes assets held for sale within Green Dragon Gas.
G3 highlighted the upstream operational focus for 2018 was on the further development and optimisation of production and gathering infrastructure in the Green Dragon Gas block.
The infrastructure programme is aimed at increasing the number of well connections and making enhancements to surface production facilities.
At the end of 2018, the number of producing wells was 58, bringing the total number of wells connected to infrastructure and producing gas for sale, to 106 from a total stock of 130 wells.
Total gross sales in 2018 were 5.66 standard cubic feet of gas compared to 5.72 standard cubic feet of gas a year prior.
"I look forward to the upcoming years where we expect to monetize value in our producing assets, develop our exploration assets and search for incremental geographies," said Founder & Chair Randeep Grewal.
G3 shares were untraded in London on Thursday, last closing at 41.60 pence each.