GGR: GeoGlobal Resources Inc [was GEOG was BOWG] (2000 + )

Top 706. Aug 18, 2005 2:37 PM

» EPS - Re: Re: Re: New Warrants Are a New Resistance Level at $9

Typically, isn't it the case that companies that are not profitable and that issue new stock decline in value in the short term? After all, stock issuance is not good for the shareholder but for the guy selling the shares. I wonder if we can expect a short term errosion of price before some new announcement? Any thoughts on this?

BTW, I bought GGR at $7.35 and sold a few days latter at $8.14 for a quick 10% gain. Thank you very much Kirk!

-- posted by EPS

Top 707. Aug 29, 2005 9:55 PM

» Kirk - GSPC hired jack-up rig Atwood Beacon

KG-OSN-2001/3: GSPC hires Atwood Beacon for Phase-II MWP

August 29: Gujarat State Petroleum Company (GSPC) has hired jack-up rig Atwood Beacon for carrying out its Phase-II work programme in Block KG-OSN-2001/3 in the Krishna Godavari basin. "Atwood Beacon is first of the two rigs that the company has decided to hire for a second phase exploration programme in the block," GSPC sources told this website on Monday. The rig is currently working under a drilling programme in Vietnam. Presently, the company is in Phase-I of the minimum work programme (MWP) in the lucrative block. GSPC recently moved an application with the Directorate General of Hydrocarbons (DGH) seeking an extension of six months for completing the MWP of Phase-I. The first phase of the MWP in Block KG-OSN-2001/3, which commenced on February 4, 2003, is coming to an end in the first week of September 2005. GSPC is committed to drill a total of 14 exploratory wells in the block. For Phase-I, GSPC already has a contract with Saipem SpA, Italy, for the Saipem Perro Negro-3 drilling rig to drill four exploratory wells. It is now likely that GSPC may not extend its contract with Saipem SpA for Phase-II of the MWP. Saipem Perro Negro-3 drilling rig costs GSPC an average of $1,30,000 per day. By Sadiq Shaban

-- posted by Kirk

Top 708. Sep 1, 2005 10:43 AM

» Kirk - GSPC-JEL-GGR Consortium Commences Drilling Exploratory Well KG#1

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GeoGlobal Resources Inc.: GSPC-JEL-GGR Consortium Commences Drilling Exploratory Well KG#17

CALGARY, Alberta--(BUSINESS WIRE)--Sept. 1, 2005--GeoGlobal Resources Inc. (Amex: GGR) announced today that drilling of an exploratory well identified as KG#17, intended to delineate the extent of the KG structure, from the KG#8 well platform had commenced on August 23, 2005. KG#17 will be drilled directionally to an intended vertical depth of 5,300 meters deviating 1.7 kilometers to the northeast of the KG#8 discovery.

GeoGlobal further announced that the operator of the KG Block, Gujarat State Petroleum Corporation Limited (GSPC), is negotiating a contract for a second jack-up rig of 15,000 psi rating capable of working in water depths up to 150 meters in order to drill additional vertical delineation and exploratory wells on the KG Block.

The Company also announced that testing of the KG#8 exploratory well has been temporarily suspended until after drilling of KG#17 has been completed. It has been previously reported that the testing of 10 meters of perforations across the interval from 4,747.5 to 4,777 meters resulted in a stabilized flow rate in excess of 10 Million cubic feet per day (MMSCFD) of gas at a wellhead flowing pressure of 4,500 psi. A second test was conducted of an additional 29 meters of perforations across the interval from 4,747.5 to 4,993 meters in combination with the first 10 meters of perforations. The test was stopped due to sand production at the surface, which had damaged the surface choke and equipment. Testing of the upper zones from 4,245 to 4,666 was suspended to commence the drilling at KG#17 and in order to attempt to maintain the integrity of the well as a future production well. It is anticipated that these zones will be tested in future wells.

Mr. J.P. Roy states, "Our experience with drilling the KG#8 well will, we believe, enable us to optimize our drilling, logging and testing equipment and procedures in connection with drilling the KG#17 well and thereby, we expect, enable us to complete a platform, pipeline and production design."

The KG#17 well is the fourth well of the 14 well drilling program committed by GSPC-JEL-GGR consortium under the terms of the Production Sharing Contract relating to the KG-OSN-2001/3 Block in Krishna Godavari basin.

GeoGlobal Resources Inc., headquartered in Alberta, Canada, is a US publicly traded oil and gas company, which through its subsidiaries is engaged primarily in the pursuit of petroleum and natural gas through exploration and development in India. Since inception, the Company's efforts have been devoted to the pursuit of Production Sharing Contracts with the Government of India. Currently, the Company is focused on the development of high potential exploration targets in the Krishna Godavari basin, the Cambay basin and the Deccan Syneclise basin areas.

Cautionary Statement to Investors

This press release contains statements which constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, including ... http://home.businesswire.com/portal/site...

-- posted by Kirk

Top 709. Sep 5, 2005 9:30 PM

» Kirk - GSPC spuds fourth well in KG-OSN-2001/3

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indianpetro.com
Gas Briefs

GSPC spuds fourth well in KG-OSN-2001/3

Sept. 5: Gujarat State Petroleum Corporation (GSPC) has started drilling its fourth exploratory well in Block KG-OSN-2001/3 in the Krishna Godavari basin. "Spudding of the fourth exploratory well in the block -- KG-17 -- has commenced from the last week of August 2005," reliable sources in GSPC told this website on Monday. The new well would be drilled to an intended vertical depth of 5,300 metres, deviating more than 1.5 kilometers to north-east of the KG-8 discovery, he added. GSPC is committed to drill a total of 14 exploratory wells in the block. Of the four wells planned in Phase-I, the first two wells -- KG-1 and KG-11 -- turned out to be dry but the third well, KG-8, drilled to a depth of 5,061 metres, encountered gas in four zones and has proven to be a major discovery for the consortium. The first phase of the work programme in Block KG-OSN-2001/3, which commenced on February 4, 2003, is coming to an end in the first week of September 2005. GSPC wants an extension of six months in Phase-I and has already moved an application with the ministry. KG-OSN-2001/3 is a NELP-III Block jointly held by GSPC with 80% stake, Jubilant Enpro carries 15% interest and GGR has another 5%. By Sadiq Shaban

-- posted by Kirk

http://www.financialexpress.com/fe_full_...

Top 710. Sep 6, 2005 1:45 PM

» robroy - ONGC, GSPC to jointly develop KG gas block

The Oil and Natural Gas Corporation (ONGC) and the Gujarat government-owned Gujarat State Petroleum Corporation (GSPC) will jointly develop GSPC’s 20 trillion cubic feet (TCF) natural gas block in the Krishna Godavari (KG) basin, subject to government approval.

GSPC had received expression of interest from several oil and gas majors for the same. However, the company, which had earlier said that it would prefer to develop the KG gas block on its own, may now partner with ONGC, which has decades of experience in exploration and production (E&P).

According to GSPC, natural gas production from the block is expected to start by December 2007 with an initial output of 10 million metric standard cubic metres a day (MMSCMD). The production is later expected to touch 80 MMSCMD.

“We and GSPC will work together to develop the KG block. We have over 50 years of experience, and along with GSPC, we would pursue E&P in the oil and gas sector,” Subir Raha, chairman and managing director, ONGC said in Gandhinagar on Tuesday.

BLOCK DEAL
• GSPC received expression
of interest from all oil majors for KG basin
• ONGC has 50 years of experience in E&P, has technical prowess
• Production to commence by December 2007
• Initial output to be 10 MMSCMD
Initial testing results at GSPC’s discovery indicate estimated reserves of over 20 trillion cubic feet of natural gas, valued at Rs 2 lakh crore, which is more than that of Reliance Industries’ 14 TCF in deep-sea waters in the KG basin and ONGC’s Bassein field, off the Mumbai coast, which has 10 TCF of proven reserves.

GSPC will initially require over Rs 1,500 crore to develop the KG block. Confirming the development, GSPC’s managing director, DJ Pandian told FE, “We have received the offer from ONGC for developing the KG block and for carrying out E&P activities jointly.

ONGC is a proven player in the field and it would benefit us in terms of technology. The final decision is to be taken by the government.”

-- posted by robroy

http://timesofindia.indiatimes.com/artic...

Top 711. Sep 12, 2005 5:12 AM

» robroy - GSPC find gets global overtures

GANDHINAGAR: Forget the whole debate about whether the Gujarat government’s claim about a state PSU striking a huge gas find in the Krishna-Godavari basin recently was exaggerated.

Two months after the disclosure, it is clear from the response of some of the biggest oil majors that the find was big enough to draw global attention.

Two oil majors — Total of France and Petrobras of Brazil — have offered Gujarat State Petroleum Corporation (GSPC) partnership in further gas exploration in the KG basin. GSPC had on June 17 proclaimed the biggest ever natural gas find in India in the KG basin, to the tune of above 20 trillion cubic feet (tcf), which was later challenged.

In search of worldclass technology and funds to drill all its 14 wells in the KG basin, GSPC sources said, they are now considering partnership offers by these two companies, apart from other offers.

Already, Indian Oil Corporation and GAIL India have shown interest in the GSPC’s venture. They know that the small company with a mere Rs 1,100-crore turnover is in search of funds totalling Rs 1,500 crore immediately to restart drilling and putting up a production facility.

With the find officials claim, GSPC’s net worth, right now Rs 1,300 crore, would grow ten-fold to more than Rs 13,000 crore. Though GSPC MD P Jagatheesa Pandian says, “time hasn’t come for a public issue”, sources say an initial public offer is one of the options being considered to raise money.

Partnerships with oil majors or with important financial institutions are the other options. Public sector banks have shown interest in funding the GSPC’s plans. The government is upbeat about the IOC’s offer for partnership, saying that it shows that lingering doubts about the find are being shed fast. On Thursday, IOC chairman Sarthak Behuria said GSPC’s KG Basin find could possibly be double the size.

-- posted by robroy

Top 712. Sep 13, 2005 12:18 PM

» Kirk - GeoGlobal Closes US$27.6M Financing

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Press Release Source: GEOGLOBAL RESOURCES INC.

GeoGlobal Closes US$27.6M Financing
Tuesday September 13, 9:30 am ET

CALGARY, Alberta--(BUSINESS WIRE)--Sept. 13, 2005--GeoGlobal Resources Inc. (AMEX:GGR - News) announced today that it has completed the sale of 4,252,400 Units of the Company's securities for aggregate gross proceeds of US$27,640,600. The sale was made to persons not residents of the United States and the securities were sold in a transaction not requiring registration under the US Securities Act of 1933 (the "1933 Act"). Jones Gable & Company Limited, Toronto, Canada, acted as agent with respect to sales of 3,252,400 Units. Each Unit was sold at a price of US$6.50.

ADVERTISEMENT
Each Unit is comprised of one common share and one half of one warrant. One full Warrant entitles the holder to purchase one additional common share for US$9.00, for a term of two years expiring on September 9, 2007. The warrants are subject to accelerated expiration in the event that the price of the Company's common shares on the American Stock Exchange is US$12.00 or more for 20 consecutive trading days, the resale of the shares included in the Units and issuable on exercise of the warrants has been registered under the Act, and the hold period for Canadian subscribers has expired. In such events, the warrant term will be reduced to 30 days from the date of issuance of a news release announcing such accelerated expiration of the warrant term.

In the event the Company fails to file on or before November 8, 2005 a registration statement with the US Securities and Exchange Commission for the purpose of registering under the Act the resale of the shares included in the Units and issuable on exercise of the warrants, each purchaser of the Units will receive for nominal consideration an additional 0.10 of one Unit.

A fee of 6% was paid with respect to the sale of 3,252,400 Units and, in addition, compensation options were issued entitling the holder to purchase 195,144 Units at an exercise price of US$6.50 per Unit.

The proceeds from the transaction will be used to further the Company's oil and gas exploration activities in India and for general corporate and administrative purposes.

GeoGlobal Resources Inc., headquartered in Alberta, Canada, is a US publicly traded oil and gas company, which through its subsidiaries, is engaged primarily in the pursuit of petroleum and natural gas through exploration and development in India. Since inception, the Company's efforts have been devoted to the pursuit of Production Sharing Contracts with the Government of India. Currently, the Company is focused on the development of high potential exploration targets in the Krishna Godavari, Cambay and the Deccan Syneclise basin areas.

Cautionary Statement to Investors

This press release contains statements.....

Minor shareholder dilution potential at $6.50 for 195,144 shares and fairly major dilution at $9.00 for half of the 4,252,400 units or roughly 2.1M shares.

Interesting that they sold 1M units with no help of the underwriter.... It tells me this is as good as we hoped when shares sell themselves, perhaps to "insiders."

-- posted by Kirk

See http://www.ccnmatthews.com/news/releases...

Top 713. Sep 28, 2005 7:39 AM

» Kirk - GeoGlobal Announces Signing of Two Onshore Exploration Blocks

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SEPTEMBER 28, 2005 - 08:58 ET

GeoGlobal Announces Signing of Two Onshore Exploration Blocks in India

CALGARY, ALBERTA--(CCNMatthews - Sept. 28, 2005) - GeoGlobal Resources Inc. (AMEX:GGR) announced today the signing of the Production Sharing Contracts on two previously announced Exploration Blocks in India. The signing, which was held at a ceremony in New Delhi, India on September 23, was part of the signing of 20 new exploration blocks which were awarded by the Government of India under the fifth round of the New Exploration Licensing Policy ("NELP-V").

The Production Sharing Contracts each provide for work commitments to be performed over three phases over an exploration period of a total of 7 years with specified seismic and exploration drilling activities to be conducted during those work commitment periods. The Company will be required to fund its proportionate share of costs incurred in these activities. The Company's share of these costs is estimated to total approximately US$12.1 million for both blocks over the 7 years.

Exploration block DS-ONN-2003/1, also referred to as Block 12 under NELP-V, covers an area of approximately 3,155 square kilometers (sq. kms) onshore in the Deccan Syneclise Basin located in the northern portion of the State of Maharashtra in west-central India. The Company holds a 100% participating interest ("PI") in this block and will be the operator. The work commitment under Phase I being 3 years, is to complete a gravity magnetic and geochemical survey and acquire an aero magnetic survey of 12,000 line kms. In Phase II being 2 years, we are to acquire 500 linear kms of 2D seismic and drill 1 exploration well. In Phase III, also 2 years, we are to acquire 250 sq. kms of 3D seismic and drill 2 exploratory wells.

Exploration block CB-ONN-2003/2, which is also referred to as Block 11 under NELP-V, covers an area of approximately 448 sq. km. onshore in the Cambay Basin located in the State of Gujarat south-east of GeoGlobal's existing three Cambay blocks. The Company holds a 10% PI, Gujarat State Petroleum Corporation Limited ("GSPC") is the operator and holds a 50% PI, with the remainder held by GAIL (India) Ltd. and Jubilant Capital Pvt. Ltd. The work commitment under Phase I being 3 years, is to acquire 448 sq. kms of 3D seismic, reprocess 650 linear kms of 2D seismic and drill 14 exploratory wells between 1,500 and 2,500 meters. In Phase II, also 3 years, we are to drill 4 exploratory wells, and in Phase III, the final year, we are to drill 6 exploratory wells, all between 2,500 and 3,000 meters.

GeoGlobal Resources Inc., headquartered in Calgary, Alberta, Canada, is a US publicly traded oil and gas company, which through its subsidiaries, is engaged primarily in the pursuit of petroleum and natural gas through exploration and development in India. Since inception, the Company's efforts have been devoted to the pursuit of Production Sharing Contracts with the Government of India. Currently, the Company is focused on the development of high potential exploration targets in the Krishna Godavari, Cambay and the Deccan Syneclise basin areas.

Cautionary Statement to Investors

This press release contains statements ....

-- posted by Kirk

http://www.marketwatch.com/news/print_st...

Top 714. Nov 5, 2005 12:51 PM

» Kirk - Five big movers in biggest-moving sectors

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GeoGlobal got a nice mention in this Marketwatch article.

Five big movers in biggest-moving sectors

NEW YORK (MarketWatch) -- A lump of coal isn't what kids wish for at holiday time, but investors who filled up their bin with coal stocks have been grinning like it's Christmas morning.

...

Among those indexes' best performers were Canada's GeoGlobal Resources and FieldPoint Petroleum

Full article: http://www.marketwatch.com/news/story.as...

-- posted by Kirk