G3 Exploration Ltd - China-focused coal bed methane developer - Says winding up petition presented to Grand Court of the Cayman Islands seeking wind-up of Green Dragon Gas Ltd. Green Dragon is a subsidiary of Greka Gas China Ltd, which in turn its a subsidiary of G3. The petition seeks to wind up GCG on the ground that it is unable to pay its debts on a cash flow basis. G3 has invested USD342 million in Green Dragon, an intermediate holding company of all its producing assets specifically including the GSS and GCZ blocks in Shanxi province.
G3 Chair & Chief Executive Randeep Grewal: "The board of the company is in support of the relief sought in the petition and expects such action to provide the company's stakeholders with fair market returns upon the sale of GDG assets."
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Year-to-date change: down 34%
By Anna Farley; annafarley@alliancenews.com
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G3 Exploration (G3E)