G3 Exploration - Accelerated monetisation of production assets
Potential equity released to G3 Exploration (G3E) stakeholders through the company’s planned Hong Kong listing of the producing assets remains a key catalyst and valuation benchmark. Management believes that net proceeds from the IPO will enable the company to redeem the Nordic and GIC bonds using the new capital raised within the Hong Kong listed vehicle to fund CBM drilling activity on the producing GSS and GCZ blocks. At this stage, G3E’s valuation is heavily dependent on the success of the planned Hong Kong IPO, their ability to reduce corporate debt and to fund drilling activity. We previously undertook a detailed analysis of valuation scenarios based on G3E accessing debt markets to monetise its key producing assets, GSS and GCZ. Ahead of further information on the planned listing, which should provide visibility on funding to support operational activity, we refer investors to our last published detailed valuation note. Our forecasts are under review.Green Dragon Gas is an investment holding company. Through its subsidiaries, Co. is engaged in the exploration, development and production of coal bed methane in the People's Republic of China (PRC). The coal bed methane operations in the PRC are conducted through production sharing arrangements with China United Coal Bed Methane Corporation Ltd. As of Dec 31 2012, Co. conducted its businesses through these segments: sales of coal bed methane gas; transportation; pipelined gas distribution; gas stations sales; gas filling equipment sales; and corporate. As of the same date, Co. had net proved reserves of 59.00 billion cubic feet of coal bed methane.
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