G3 Exploration Ltd (LON:G3E) expects the spin-out of its producing gas assets in China to complete at the end of June. The producing assets have been consolidated into Green Dragon Gas, which will either be sold or listed in Hong Kong on 28 June. Chairman and CEO Randeep Grewal tells Proactive London why this is a seminal day for G3 and how investors have a 30 day window of opportunity to decide whether or not they take a position. Detail here too on how the money from any sale will be used in the first instance to pay off US$270mln of debt owing to G3E, which will enable it to clear US$150mln of Nordic bonds and convertible loans. The remaining US$120mln will fund G3's development of the Guizhou Block (GGZ), which is scheduled to start production this year. Grewal continues, "The approval of the Dividend in Specie, our third since 2006, is a landmark moment for G3 Exploration which will allow us to complete the planned separation of the producing assets from our exploration and development assets. “Crucially, it provides a mechanism for us to return the value created within the producing blocks - where over US$1.3 billion has been invested by us with our partners - to our shareholders.”
G3 Exploration expects Green Dragon de-merger to take place in June
Quick facts: G3 Exploration Ltd
Price: 11.6 GBX
Market Cap: £18.1 m
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