Edison Investment Research - G3 Exploration Limited (G3E) - Debt maturity extensions

Report

Edison Investment Research

Sanjeev Bahl

- Debt maturity extensions

Green Dragon Gas (GDG) has announced that it has progressed discussions with the majority of its debt holders to extend existing debt maturities to 20 November 2018. Extensions are subject to the execution of amendments and an inter-creditor agreement between debt holders, and are expected to be finalised on or before 15 November 2017. GDG’s Nordic Bond (US$88m) will be extended to 20 November 2018 and the put option on GDG’s convertible bond (US$50m) will be extended to allow for conclusion of an inter-creditor agreement to provide it with the same security as the Nordic Bond Trustee but subordinated. Our current valuation and financial forecasts (shown below) are under review.

31/10/2017 2 EN

Underlying

G3 Exploration Limited

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.

See profile

KYG409381053 London Stock Exchange Hong Kong

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Sanjeev Bahl

Other Reports on these Companies

proactiveinvestors

Bahamas Petroleum Company - Countdown has begun

Bahamas Petroleum Company (â€œBPCâ€ or the â€œCompanyâ€) is in the final stages of completing the funding necessary to drill its inaugural exploration well offshore Bahamas. With an estimated 1,030mm bbl of Prospective Resources (UBEST) targeted by its first well, the current valuation is undemanding; we estimate fair value to be $89.7mm (3.6p/share), a 53% premium to the current price.

February 4, 2020 February 4, 2020 23 EN

Edison Investment Research

G3 Exploration - Accelerated monetisation of production assets

Potential equity released to G3 Exploration (G3E) stakeholders through the companyâ€™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, G3Eâ€™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 p...

October 18, 2018 October 18, 2018 6 EN

proactiveinvestors

Capital Network: G3 Exploration Limited - Operational update

G3 Exploration (LON:G3E), previously Green Dragon Gas, published an operational update for its Baotian-Qingshan (GGZ) Block, located in the Guizhou Province of Southern China.

March 5, 2018 March 5, 2018 2 EN

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

Basilea Pharmaceutica has announced the triggering of a US$1.25m milestone payment from Pfizer, triggered by sustained strong sales of Cresemba in the Asia-Pacific region and China. This is the second FY24 milestone payment for the region and is incremental to the payment received in March. We note that, according to the latest available data, total in-market sales of Cresemba amounted to US$473m in the 12 months ending December 2023, representing a +26% year-on-year increase. Basilea is preparing to launch its Phase III programme for fosmanogepix, a broad-spectrum antifungal therapy, with the...

17h / 43m 17h / 43m 1 EN

Toby Thorrington

Toby Thorrington

AAC Clyde Space - Solid start to the year with further order growth

AAC Clyde Space offers exposure to the fast-growing low Earth orbit space market. A solid start to the year and continued order momentum are encouraging. We also note the internal restructuring to promote delivery of the group’s products and services. We expect this combination to drive an improving performance, albeit within the lumpy nature of the business, in turn improving investor confidence and the stock’s valuation.

19h / 38m 19h / 38m 1 EN

Richard Williamson

Richard Williamson

Tinexta - Typical seasonality in Q124

Tinexta’s Q124 results showed good progress in the two divisions that typically demonstrate more consistent (through the year) growth, Cyber Security and Digital Trust, which management expects to deliver higher growth over the next few years. Business Innovation demonstrated its typical seasonality and management therefore remains confident about the outlook for the year.

21h / 4m 21h / 4m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

- Debt maturity extensions

Bahamas Petroleum Company - Countdown has begun

G3 Exploration - Accelerated monetisation of production assets

Capital Network: G3 Exploration Limited - Operational update

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe