Member Info for liquid1

Not long to go....

JPL not priced in. Look forward to rerate on JPL this afternoon.

3GE assets worth $1 billion.

Tiny free float

MAJOR SHAREHOLDERS

As of 31 December 2018

SHAREHOLDER SHARES % OF SHARES
GDGH Ltd* 87,169,631 55.85%
Mandolin Capital Pte Ltd 36,031,759 23.09%
Aberdeen Asian Smaller Companies Investment Trust 8,641,851 5.54%
GIC Private Ltd 5,775,578 3.70%
Platinum Asset Fund 4,207,051 2.70%
FIL Investment Management 3,592,181 2.30%
Guaranty Finance Investors LLC 3,544,641 2.27%
Sloane Robinson LLP 2,072,291 1.33%
Morgan Stanley Wealth Management 1,064,066 0.68%
Deutsche Bank Private Wealth Management 655,613 0.42%
GDGH Ltd – Randeep Grewal is beneficially interested

Solid assets:

Sale of sufficient equity for cash in wholly owned Green Dragon Gas so as to pay off creditors in full and have additional liquidity. Heads of Agreement with interested party is expected in the near term. A recent report, conducted for the RBL in October, valued the producing Green Dragon Gas, GCZ and GSS blocks at $485millon (1P) and $1.3 billion (2P)

Anyone know what time the hearing is in Cayman Islands?

They are 5hrs behind UK, so if it’s early morning, we may know tomorrow afternoon.

Visa Capital target 93p

Assuming JPL, are we likely to head back to 40p??

Despite the delays to the Dividend in Specie beyond the target date of June 28th today’s update builds on the announcement in relation to a Reserve Based Loan of September 25th demonstrating positive progress and a pathway to successfully removing the current balance sheet constraints. The RBL of up to US$250m will enable a restructuring of the balance sheet, the repayment of an intergroup loan and the Nordic and convertible bondholders. Bondholders are due to meet today to discuss the restructuring options. With the restructuring completed this will enable the Dividend in Specie and listing of the producing assets through the wholly owned subsidiary, GDG. We believe that a listing now appears more likely given the update in relation to the trade sale process which appears to have slowed due to uncertain timing owing to factors beyond the potential buyer’s control.

We continue to believe that a successful restructuring and Dividend in Specie which will enable G3E to refocus and resume its core activity of exploration and development at its remaining blocks provides the most significant potential catalyst for a rerating of the shares.

We reiterate our Buy recommendation and 93p target price.

https://www.proactiveinvestors.co.uk/companies/news/903743/vsa-capital-market-movers---g3-exploration-903743.html

That's why he states: "Cheap as Chips"

Survey complete, RAW results being PROCESSED!!!!!

"At the nearby Mt Wright Gold Mine (47 km northeast of Plateau), the 1 g/t Au mineralisation outline starts at approximately the same depths as we see at Plateau, however it is not until around 400 m from surface that the higher-grade +2 g/t Au outline starts at Mt Wright. We expect a similar gold grade increase at depth. This zone should be highlighted by the geophysical survey currently underway."

The aim of the geophysical survey is to identify the geometry of the gold-rich rhyolite and to target a "sweet-zone", where higher average grades might be attainable. Rockfire believes that the discovery of the main-zone gold mineralisation still lies beneath the current drilling levels."

Tuesday 03 December, 2019
RAW RESULTS being PROCESSED

A geophysical survey which is designed to detect anomalies to depths of ~500m below surface has recently been completed at Plateau. The raw results are currently being processed.

https://www.investegate.co.uk/rockfire-resources--rock-/rns/drilling-discovers-more-gold-120m-east-of-bpl025/201912031216555232V/

Tuesday 26 November, 2019
COMMENCED

A geophysical survey targeting anomalies to depths of ~500 m below surface has already commenced at Plateau.

https://www.investegate.co.uk/rockfire-resources--rock-/rns/drilling-intersects-major-gold-system-at-plateau/201911260700146141U/

Hopefully:
Expensive as a lobster after 11 assay results, & geophysical survey which is designed to detect anomalies to depths of ~500m below surface has recently been completed at Plateau.

The raw results are currently being processed!!!!!

SMALL CAP MOVERS: Focus on the positives helps City broker Numis Securities

Among the miners, Rockfire Resources is the gift that keeps on giving. Following up on its drilling success last week, the explorer has found another thick intercept of gold in Queensland Australia.

It uncovered 177 metres of ore averaging 0.5 grams per tonne. That sounds fairly low-grade, but there was a hotspot at a bonanza 22 grams per tonne.

Followers of the mining sector will know just how rare it is to get the drilling results Rockfire is coming up with.

And they come with the added kicker that the gold is near(ish) to surface, making it easier and quicker to unearth.

The shares, up 36 per cent this week, have rocketed more than 500 per cent in the last month.

Monday RNS.....geophysical survey results

Tuesday RNS ..... Assay results

WTFDIK!!!!

https://www.share-talk.com/david-price-ceo-of-rockfire-resources-lonrock-update-interview/

Cheap as chips!!!!!!

Roll on next week for more RNS's!

Still the same since yesterday

In fact, a recent report, conducted for the RBL in October 2019, valued the producing Green Dragon Gas, GCZ and GSS blocks at £372m ($485millon -1P) and £996m ($1.3 billion (2P) respectively, and giving a total asset valuation of £1.37billion!

Given the moderate debt owed – which is more than covered by the company’s staggering assets – and given the company’s current market cap of 27m (19p), G3 is increasingly turning out to be one of the most undervalued resource plays on the main market. Accordingly, the market is rapidly adjusting its risk premium ahead of next week

G3J.F - G3 Exploration Limited
Frankfurt - Frankfurt Delayed price. Currency in EUR
0.1830
+0.1035 (+130.19%)

https://uk.finance.yahoo.com/quote/G3J.F?.tsrc=applewf

As investors eagerly await the verdict of the Grand Court of the Cayman Islands (GCCI), it seems increasingly likely that the GCCI will approve the appointment of JPL’s over JOL’s as the outcome pretty much delivers – on point – the objectives of both (G3 and bondholder Nordic Trustees) parties.

Simply put, the institutional investor-favoured outcome will allow the bondholder to get their cash through a court-sanctioned scheme (the highest available protection in corporate law) whilst the company will be able to continue implementing its restructuring plan.

The plan would see the Joint Provisional Liquidators (JPL) re-structure G3’s assets and liabilities in accordance with its previously announced business plan (September 30 2019) which was to employ a £193m (US$250mln) reserve-based loan (RBL) to refinance the company’s balance sheet. In broad terms, the RBL would enable G3 to pay off its inter-company debt and carry out the spin-off of production subsidiary Green Dragon Gas through a dividend in specie.

An experienced bank has already been appointed to move the RBL loan forward.

It’s worth noting that, following the aforementioned spin-off, the company would be left with an exploration arm, where G3E has expended circa £207m (US$270mln) on its portfolio, and which it estimates has a 2P/mean value of over £625m (US$816mln).

That said, the company’s current portfolio in China is vast and provides a solid five-year backlog of projects. The most advanced of these, is the Guizhou exploration block (GGZ) which is expected to commence test gas sales at the backend of 2019.

More importantly, however, it’s important for investors to note that the company has invested over £765m (US$1billon) in the development of its China assets.

In fact, a recent report, conducted for the RBL in October 2019, valued the producing Green Dragon Gas, GCZ and GSS blocks at £372m ($485millon -1P) and £996m ($1.3 billion (2P) respectively, and giving a total asset valuation of £1.37billion!

Given the moderate debt owed – which is more than covered by the company’s staggering assets – and given the company’s current market cap of 27m (19p), G3 is increasingly turning out to be one of the most undervalued resource plays on the main market. Accordingly, the market is rapidly adjusting its risk premium ahead of next week