Edison Investment Research - G3 Exploration Limited (G3E) GSS Zaoyuan ODP

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Edison Investment Research

Sanjeev Bahl

GSS Zaoyuan ODP

Green Dragon Gas (GDG) has announced that the China National Development and Reform Commission has approved a project code for the overall development plan (ODP) on the Greka Shizhuang South (GSS) Zaoyuan portion of the main GSS block, concluding that the ODP does not require an approval process and only requires registration. We wait for further details on the debt access or project finance that this ODP registration will afford GDG, such that the company can fund an accelerated drilling programme and re-finance maturing debt. Our base case valuation of 227p/share is predicated on GSS/GCZ RBL debt access and a significant step-up in drilling activity in 2018. See our note of 20 February 2017 for valuation scenarios.

01/08/2017 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.

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KYG409381053 London Stock Exchange Hong Kong

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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.

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Analysts

Sanjeev Bahl

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GSS Zaoyuan ODP

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

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