LONDON (ShareCast) - (Sharecast News) - China-focussed gas developer G3 Exploration announced on Friday that a winding-up petition has been presented by GIC to the Grand Court of the Cayman Islands, seeking the winding up of Green Dragon Gas.
The London-listed firm said GDG is a wholly-owned subsidiary of Greka Gas China, which in turn is a wholly-owned subsidiary of G3.

It said the petition was seeking the winding-up of Green Dragon Gas on the grounds that it was unable to pay its debts on a cash flow basis, and nominated the company's joint provisional liquidators to act as the joint official liquidators of Green Dragon.

The petition was listed to be heard on 13 and 14 October.

Green Dragon Gas, in which the firm invested $342m (£266.59m), is an intermediate holding company of all the group's producing assets, which specifically include the GSS Shizhuang South and GCZ Chengzhuang blocks in Shanxi province, in partnership with CNOOC and CNPC, respectively.

"The board of the company is in support of the relief sought in the petition, and expects such action to provide the company's stakeholders with fair market returns upon the sale of GDG assets," said chairman and chief executive officer Randeep Grewal.

At 1615 BST, shares in G3 Exploration were down 13.95% at 10.11p.

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