Green Dragon Changes Name to G3 Exploration

London-listed coalbed methane (CBM) explorer Green Dragon Gas has changed its name to G3 Exploration effective January 3, it said the same day, following a vote at the company's annual general meeting held December 20, 2017.

"With our focus towards the development of G3 Exploration's remaining vast acreage combined with exploration opportunities in new geographies and the Hong Kong listing, we are confident that the true value of our asset base will be realised," said CEO Randeep Grewal.

G3 Exploration has decided to spin off its Chinese CBM production business and list the new entity on the Hong Kong Stock Exchange. Its remaining exploration and appraisal assets will continue to be listed on the London Stock Exchange under the new name.

Shareholders in Green Dragon will receive a stake in the new company via an in-specie dividend. Green Dragon is expected to be debt free as capital raised from the Hong Kong listing is expected to settle all its existing debt obligations.

The Chinese CBM producing assets comprise two blocks, GSS and GCZ, and together have a total of around 1,400 wells.