REG - G3 Exploration Ltd - Report on Payments to Governments for 2018

G3 ExplorationAnnouncement

10/07/2019 07:05

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


G3E@greka.com




VSA Capital Limited (Financial Adviser and Corporate Broker)








Andrew Monk (Corporate Broking)


+44 (0) 20 3005 5000




Andrew Raca (Corporate Finance)


G3E@vsacapital.com




Yellow Jersey PR Limited








Tim Thompson


+44 (0) 20 3004 9512




Harriet Jackson


G3E@yellowjerseypr.com




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
 




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