3rd Oct 2018 10:12
LONDON (Alliance News) - G3 Exploration Ltd on Tuesday said the China National Development & Reform Commission has approved the development plan for the Chengzhuang block.
G3 has a 47% stake in GCZ, with partner China National Petroleum Corp holding the rest.
The project is in Shanxi Jincheng Qinshui county, and the contract area covers 67 square kilometres. The development plan covers 33 square kilometres, which includes 294 billion cubic feet of gas in place with recoverable reserves estimated at 176 billion cubic feet.
The gross production capacity, G3 said, is estimated to be 180 million cubic metres a year.
G3 Chairman Randeep Grewal said: "We are very pleased and honoured with the timely approval of the GCZ ODP plan as submitted by our joint operating team with CNPC."
"Such approval simplifies the continued expansion and development of the commercially producing area within the profitable block. As the teams have been preparing for such approval, the development programme is expected to be launched following the Golden Week holidays or mid-October 2018."
G3 shares were untraded on Wednesday, last quoted at 36.02 pence each.
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