Edison Investment Research - G3 Exploration Limited (G3E) - PSC and supplementary agreement MoU

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Edison Investment Research

Sanjeev Bahl

- PSC and supplementary agreement MoU

Green Dragon Gas (GDG) has announced that it has finalised a Memorandum of Understanding (MoU) on five production sharing contracts (PSCs) and two supplementary agreements with China United Coalbed Methane Corporation (CUCBM), a subsidiary of China National Offshore Oil Corporation (CNOOC) for the GSS and GSN blocks. Management believes the MoU is a material milestone for the company, and that joint co-operation with CNOOC on the exploitation of the GSS and GSN blocks should lead to enhanced gas sales and greater certainty of cash flows for equity and debt holders. Our valuation and financial forecasts are under review (last published figures are shown below).

20/09/2017 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

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.

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Analysts

Sanjeev Bahl

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- PSC and supplementary agreement MoU

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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