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G3 Exploration Ltd

Report on Payments to Governments for 2018

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RNS Number : 0524F
G3 Exploration Limited
10 July 2019
 

10 July 2019

G3 EXPLORATION LTD.

("G3 Exploration", "G3E" or the "Company") 

 

Report on Payments to Governments for the year 2018

 

G3 Exploration Ltd. (LSE: G3E) has prepared the following report in respect of payments made to governments during the year ended 31 December 2018. The information is provided in accordance with the Reports on Payments to Governments Regulations 2014 (2014/3209) and DTR 4.3A of the Financial Conduct Authority's Disclosure and Transparency Rules.

This report is available for download from: http://www.g3-ex.com 

Under the requirements of the DTR, payments to State Owned Enterprises are classified as payments to Governments.

Contract counterparty/ project

Taxes

Social Insurance

Royalty

Production entitlement

 Infrastructure cost

Licence fees

Total

(USD'000)

(USD'000)

(USD'000)

(USD'000)

 (USD'000)

(USD'000)

(USD'000)

China National Offshore Oil Company (CNOOC)








Shizhuang South (GSS)

                  493

                        41

 -

 -

                      40

                          -

               574

Shizhuang North (GSN)

 -

 -

 -

 -

 -

                          -

                        -

Qinyan (GQY)

 -

 -

 -

 -

 -

                          -

                        -

Panxie East (GPX)

 -

 -

 -

 -

 -

                          -

                        -

Fengcheng (GFC)

 -

 -

 -

 -

 -

                          -

                        -

Total CNOOC

                  493

                        41

                           -

                             -

                      40

                          -

               574

Contracts with PetroChina








Chengzhuang (GCZ)

                  958

 -

 -

 -

 -

 -

               958

Boatian-Qingshan (GGZ)

                           30

                           2

 -

 -

 -

 -

                     32

Total PetroChina

                  988

                           2

                           -

                             -

                         -

                          -

               990

TOTAL (ALL PRC)

                  1,481

                        43

                           -

                             -

                      40

                          -

               1,564

 

The contracts that G3E operates under do not include provision for contract bonuses (signature, discovery, production) nor are any dividends paid from ventures.

For further information on the Company and its activities, please refer to the website at www.g3-ex.com or contact:

G3 Exploration Ltd


Randeep S. Grewal, Chairman and CEO

[email protected]

VSA Capital Limited (Financial Adviser and Corporate Broker)


Andrew Monk (Corporate Broking)

+44 (0) 20 3005 5000

Andrew Raca (Corporate Finance)

[email protected]

Yellow Jersey PR Limited


Tim Thompson

+44 (0) 20 3004 9512

Harriet Jackson

[email protected]

Henry Wilkinson


 

About G3 Exploration Ltd.

G3E is a leading independent gas producer with operations in China and is listed on the main market of the London Stock Exchange (LSE: G3E). The Company has 377 Bcf of 2P reserves and 2,044 BCF of 3P reserves across eight production blocks covering over 7,566km² of license area in the Shanxi, Jiangxi, Anhui and Guizhou provinces. It holds six Production Sharing Agreements with strong, highly capitalised Chinese partners including CNOOC, CNPC and PetroChina, 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 has demonstrated perseverance in going the distance to monetise shareholder value through three basic principles:

·         Focus on core intellectual aptitude in developing coal bed methane

·         Develop assets in an environmentally and socially prudent manner

·         Protect accreted shareholder value

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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