Last checked at 30 Apr 2018 07:00
30 April 2018
G3 EXPLORATION LTD.
("G3 Exploration", "G3E" or the "Company")
Notice of Full Year Financial Results for the period ended 31 December 2017
G3 Exploration Ltd. (LSE: G3E), an independent specialist in the exploration and development of coal bed methane gas (CBM), with roots in China and a focus on international expansion, announces that its 2017 financial results are anticipated to be released on Friday, 8 June, 2018.
G3E has a financial year end of 31 December and, in accordance with the requirements of Disclosure Guidance and Transparency Rule ("DTR") 4.1.3, must publish its annual results by 30 April 2018. As a result, G3E's shares will be suspended from trading on the London Stock Exchange on 1st May, until its accounts are published on 8st June.
As set out on 20 December 2017, the Company will be divesting of its main producing assets (blocks GSS and GCZ) into a new Hong Kong listed company, Green Dragon Gas (GDG). The remaining development and exploration blocks will stay in G3E, which in turn will remain listed in London. G3E plans to maintain a direct shareholding of up to 25% in GDG post its spin out onto the Hong Kong Stock Exchange (HKEX) and the G3E shareholders provided with shares in GDG by way of a dividend in specie (the level of this dividend will be confirmed on completion of the Hong Kong listing). The Hong Kong listing is subject to approval of HKEX.
In compliance with HKEX listing rules, the GDG Prospectus must contain the audited accounts of the producing assets which are currently being audited. The Board of G3E deem it prudent that the GDG audited results are released in the GDG Prospectus ahead of release of the G3E parent company audited accounts to avoid any potential discrepancy between the two, which may result in G3E having to re-state its audited accounts. The Company's primary focus is finalisation of the GDG Prospectus in a timely manner to minimise the delay in releasing G3E's 2017 financial statements.
Randeep S. Grewal, Chairman and Founder commented:
"The Company has been diligently working on completing the requirements for filing the GDG Prospectus at the HKEX, which will be public upon filing. Included within the Prospectus will be the three year (2015-2017) audited financial results for GDG which encompasses the Company's producing assets. As a result, these accounts are to be finalised and released prior to the release of G3E's accounts, hence the schedule as planned."
For further information on the Company and its activities, please refer to the website at http://www.g3-ex.com/or contact:
FTI Consulting: Edward Westropp/Kim Camilleri Tel: +44 20 3727 1000
About G3 Exploration Ltd.
An independent specialist in the exploration and development of coal bed methane gas (CBM); G3 Exploration has accumulated a unique wealth of experience through its significant 25 year track record of technology-led exploration and drilling success in CBM, across different geographies.
G3 Exploration's intention is to leverage its expertise, monetise its current 7112km² acreage position in mainland China and widen its asset portfolio into other prospective geographies across Africa, Europe and Asia, utilising its proprietary knowledge and experience in exploiting CBM resources. Furthermore, G3 Exploration has interests in Green Dragon Gas, which comprises of two producing assets with an acreage of 455km2 in Shanxi province, China.
G3 Exploration is listed on the main market of the London Stock Exchange (LSE: G3E).