18th Sep 2018 12:06
LONDON (Alliance News) - China-focused G3 Explorations Ltd on Tuesday reported a widened interim loss as it continued to progress its its commercial and exploration blocks in the period.
In the six months ended June, G3 Exploration more than doubled its pretax loss to USD10.8 million from USD4.3 million. The gas explorer did not make any revenue in the period, same as the year before.
G3 did not declare an interim dividend, same as the year before.
The company has six production sharing agreements in China and has put in place infrastructure to support "multiple routes" to monetise gas production.
The company is "rapidly advancing" production at its GSS block to focus on monetising gas sales.
China National Offshore Oil Corp has increased sales 63% at the block from January to the end of August.
Looking ahead, the company is hoping to move from an exploration company to a development one with first gas at its Guizhou block expected later in 2018.
G3 Exploration is also looking to divest its "main" producing assets, blocks GSS and GCZ, into a new Hong Kong listed company.
Shares in G3 Exploration were untraded Tuesday, but last closed at 33.23 pence each.
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G3 Exploration