16 March, 2020 ("G3 Exploration ", "G3E" or the "Company") Corporate Update In update to the7th February, 2020 release, theGrand Court of the Cayman Islands (the "Court") appointed Joint Provisional Liquidators ("JPLs"), the independent officers of the Court, have been tasked to broadly preserve and protect the Company's assets and identify any opportunities which may exist to restructure or refinance the Company. The JPLs have completed and filed their second report timely on13th March, 2020 as to the likelihood of a viable restructuring of the Company and thus continue to support the on-going viability of the Group. Mr.Randeep S. Grewal , Chairman ofG3 Exploration commented, "I am happy to report, no employee has been infected by the coronavirus till date and we expect to gradually assume increased work duties by month end. The Group activities are ongoing without interruption." AboutG3 Exploration Ltd. G3E is a leading independent gas producer with operations inChina and is listed on the main market of theLondon Stock Exchange (LSE: G3E). The Company has 409 BCF of 2P reserves and 2,085 BCF of 3P reserves across eight production blocks covering over 7,566km² of license area in theShanxi ,Jiangxi ,Anhui andGuizhou provinces. It holds six Production Sharing Agreements with strong, highly capitalised Chinese partners including CNOOC, CNPC andPetroChina , and has infrastructure in place to support multiple routes to monetise gas production. The company is committed to an exploration and appraisal focused business plan in coal bed methane development across three geographies concurrently. It has a well-established track record and demonstrated expertise in gas monetisation through three basic principles: o Focus on core intellectual aptitude in developing coal bed methane o Develop assets in an environmentally and socially prudent manner o Protect accreted shareholder value
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