LONDON (Alliance News) - G3 Exploration Ltd on Thursday said an annual reserves report on eight of its coal bed methane blocks "reinforce the potential" of its Chinese asset base.
The 2018 report said that G3's total net proved resource was 134 billion cubic feet compared to a 98 billion cubic feet resource based on a 2017 report. This values the resource at USD682 million.
The total net proved plus probable resource was 409 billion cubic feet, compared to 377 billion cubic feet in 2017. This is valued at USD2.5 billion.
In addition, the total net proved plus probable plus possible resource is 2.1 trillion cubic feet, up from 2.0 trillion cubic feet, valued at USD12.59 billion.
The best net contingent resource is 668 billion cubic feet and the best net prospective resource is 1.329 trillion cubic feet.
G3 Executive Chair & Founder Randeep Grewal said: "Our large asset base is well accounted for in the released annual reserves report which continues to reinforce the potential of our quality and well positioned asset base in China."
"In addition to the USD1.3 billion invested into the two commercially producing GDG gas blocks in partnership with our partners CNOOC and PetroChina, we have a further USD275 million invested into our large exploration portfolio. In accordance with our business plan, we expect to divest our producing blocks and continue to focus on the appraisal of our large exploration acreage."
Shares in G3 were untraded at 38.50 pence on Thursday.
G3 Exploration (G3E)