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

Top 776. Jan 26, 2006 7:12 AM

» Kirk - Warrants Issued in December 2003 are Due to Expire on 2/24/06

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They are now registered so they can be sold.

Press Release Source: GEOGLOBAL RESOURCES INC.

GeoGlobal Warrants Issued in December 2003 are Due to Expire on February 24, 2006

Thursday January 26, 9:30 am ET

CALGARY, Alberta--(BUSINESS WIRE)--Jan. 26, 2006--GeoGlobal Resources Inc. (AMEX:GGR - News) announces that its outstanding warrants to purchase 785,500 shares of its common stock at $2.50 per share issued in its December 23, 2003 financing will expire on February 24, 2006.

GeoGlobal's prospectus relating to the issuance of its shares on exercise of the warrants has again become current and available for delivery as the result of the effectiveness on January 25, 2006 of a post-effective amendment to GeoGlobal's registration statement relating to the sale of those shares.

Forward Looking Statements

GEOGLOBAL RESOURCES INC. (AMEX:GGR - News)

-- posted by Kirk

Top 777. Jan 26, 2006 7:17 AM

» Kirk - Repeat of Oct '05 Correction below 50 DMA? (GGR=$10.64)

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Is this a Repeat of Oct '05 Correction below 50 DMA?

I hope so. I used some of the money from selling shares at $13.42 to buy some shares back when GGR was under the 50 DMA line (mid $9's) recently (newsletter and personal account) on the hope it was a repeat of the October 2005 correction.

GGR Disclaimer: I'm long and on house money with GGR. I was adding to my GGR newsletter position late in 2004 with GGR buys between $0.94 and $2.25 and I took profits as high as $13.42 in late 2005. I have huge built in profits here so I can afford to take more risk buying and selling than some might want to take. For most investors, I recommend the basket of securities in "Kirk's Newsletter explore portfolio" rather than trying to pick and choose between the many stocks I talk about here.

-- posted by Kirk

Top 778. Jan 27, 2006 10:48 PM

» Kirk - Re: TAers, Help Me Out

Hey Kirk
Post the 1 year weekly along with the 3 or 6 month daily.

1+ Year Weekly
<img width=580 height=460 src=http://stockcharts.com/def/servlet/Sharp... >

Daily
<img width=580 height=460 src=http://stockcharts.com/def/servlet/Sharp... >

My buy around $9.50 feels pretty good after looking at these two charts.

-- posted by Kirk

Top 779. Jan 27, 2006 10:57 PM

» Kirk - Reliance/Niko May Have Struck Oil in KG Basin

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Reliance/Niko May Have Struck Oil in KG Basin

TIMES NEWS NETWORK
[SATURDAY, JANUARY 28, 2006 01:29:57 AM]

NEW DELHI/MUMBAI: Reliance Industries (RIL) may have hit yet another jackpot in the Krishna Godavari basin, off the Andhra Pradesh coast. After striking the world’s largest gas find in the KG basin in ’02, the company is now set to make one of the biggest oil finds in this region, which has been known for its gas reserves.

RIL is believed to have struck a significant oil reserve in the KG basin, close to its other gas finds in the Dhirubhai series. RIL officials when contacted confirmed that they have struck oil, but added that they are still trying to understand and evaluate the nature of the reservoir.

The company is learnt to be carrying out the initial testing and is expected to apprise the director-general of hydrocarbons (DGH) in the coming days.

When contacted, DGH VK Sibal said: “We are yet to hear from them. We are called or informed only when the official assessment has to be done.” Analysts said it would be quite some time before a clear picture of the reserve estimates emerges.

Industry sources say the company is drilling more wells to estimate the size of the discovery, which is believed to be fairly substantial.

RIL officials were unwilling to share details of the find, but in a presentation to financial analysts after the third-quarter results on January 10, senior executives revealed some information. They said the company has drilled a second exploratory well in KGIII6 and two development wells in KGD6.

“This has increased our confidence on the reserves and upside potential on the block,” the presentation said.

Initial estimates of the oil find indicate that this could be a medium-sized oilfield. And this could be just the tip of the iceberg. RIL had recently announced a marginal oil find in the KG basin. Cairn’s discovery of oil in Barmer, Rajasthan, is one of the recent mid-sized oil discoveries in the country.

The development is significant for RIL, and comes as the company seeks to make rapid strides in becoming a major upstream producer. Oil recently began gushing out of its Yemen oilfields — its first overseas venture — with production starting at around 2,000 barrels of oil per day.

It recently signed an agreement with Ecopetrol of Columbia for farm-in opportunities in that country. RIL is also believed to have decided to invest about $8bn in Saudi Arabia for a large refinery and petrochemicals complex.

url: http://economictimes.indiatimes.com/arti...

-- posted by Kirk

Top 780. Jan 28, 2006 10:44 AM

» Singlengle - Re: Reliance/Niko May Have Struck Oil in KG Basin

In response to Reliance/Niko May Have Struck Oil in KG Basin posted by Kirk:

Thats funny you posted it the day before it came out. Thats being on top of things.

smile

-- posted by Singlengle

Top 781. Feb 1, 2006 1:17 PM

» Kirk - Re:Reuters Research Says Outperform from $9.35

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Hopefully we can get a gap fill to $14ish.

In response to Re: Reuters Research Says Outperform from $9.35 posted by honeyoneohone:

This chart shows well the support at the 100 day EMA then how it hugs the 50 day EMA for awhile before moving higher.

Fingers are crossed!

-- posted by Kirk

Top 782. Feb 1, 2006 1:27 PM

» honeyoneohone - Re:Reuters Research Says Outperform from $9.35

In response to Re:Reuters Research Says Outperform from $9.35 posted by Kirk:

.
Fingers and toes, too. smile

-- posted by honeyoneohone

Top 783. Feb 3, 2006 6:44 AM

» Kirk - KG17 going deeper on good news

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Distilled from the GGR Yahoo! message board mess:

Re: from my sources...TD is being debate
by: directdriller (41/M/id)
Long-Term Sentiment: Strong Buy 02/02/06 08:14 pm
Msg: 21503 of 21563

The reason they want to drill deeper is they believe there is something of great significance in this next 100 m. They could not do this without setting the 7" casing, which tells us they have already seen enough shows to justify running casing and perferate it later to test. The reason they have to downsize in hole size is because of the parameters they are encountering(rotary torque, string weight,pressure, hole conditions). They will continue drilling ahead with 6" hole,therefore the drill string will become what we call a tapered string which will be lighter and with a smaller hole size the pressure will be less because you do not need the same fluid rate as the previous hole size(8.75)to clean the wellbore.The rotary torque will also be lower because of the hole size and they will not have the drag of open hole.

Running 7" casing is a good thing it is our insurance of covering our primary zones of interest, what we get below this (100m) is all a bonous.

GGR Disclaimer: I'm long and on house money with GGR. I was adding to my GGR position late in 2004 with GGR buys between $0.94 and $2.25 and I took profits as high as $13.42 in late 2005. I have huge built in profits here so I can afford to take more risk buying and selling than some might want to take. For most investors, I recommend the basket of securities in "Kirk's Newsletter portfolio" rather than trying to pick and choose between the many stocks I talk about here.

-- posted by Kirk

Top 784. Feb 6, 2006 8:18 AM

» Kirk - Gordo's Summary of the Indian E&P sector

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Date: Sun, Feb 5 2006 2:45 pm
From: "Gordo"

Here is a pretty good summary of the Indian E&P sector, who the main players are, where they are working, and their assets. Diagrams/maps
didn't upload. This article is from the Oil&Gas Journal, Dated Jan. 16th. Pretty lean on GSPC/GGR information. Hopefully that will change soon.

Drilling Market Focus: NOCs and others drilling to meet demand in India
Nina M Rach

Local demand for natural gas, a string of moderate successes, and improvements in the regulatory environment are driving drilling operations in India.

Two of the largest finds in India in the last few years are Reliance
Industries Ltd.’s deepwater gas discovery in the Krishna-Godavari
(K-G) basin in October 2002 and Cairn Energy Ltd.’s gas and oil
discoveries in Rajasthan in 2004-05 (Fig. 1).

Oil and Natural Gas Corp. Ltd. (ONGC) is the largest and most active
operator. The second-largest national company working domestically
upstream is Oil India Ltd.

ONGC
In December, ONGC had 30 offshore rigs drilling (24 jack ups, 5
drillships, 1 drilling barge) and 1 platform rig engaged in a workover
off India.

Subir Raha, ONGC’s chairman and managing director, told OGJ that the
company’s Sagar Samriddhi (“prosperity through the oceans”)
deepwater drilling campaign is currently employing three deepwater
drillships at $1 million/day under long-term contracts. He said that
the deepwater rigs would cost $2 million/day at current market rates
and that there were no plans to add more deepwater rigs. There are 47
deepwater wells budgeted and 29 of them will be drilled in this first
phase: 11 by the Belford Dolphin, 12 by the Discoverer Seven Seas
($315,000/day), and 6 by the Sagar Vijay.

There are 13 survey vessels working for ONGC on both coasts. Before the
2005 monsoon season, 6,000 people and 300 vessels were working
offshore, with no reported lost-time accidents. Raha pointed out that
deepwater drilling is a “high-cost, high-risk process.”

On Dec. 5, 2005, ONGC published a tender for 11 offshore drilling rigs
(3-yr contract). Pre-bid conferences will be held Jan. 27 and Feb. 7,
2006, in Mumbai. ONGC wants 9 independent leg jackups, 1 mat-supported
jack up, and a 600-ft floater. In addition to the vessels currently on
charter, ONGC maintains a fleet of drilling vessels, land rigs, survey,
and service vessels:

• 10 mobile offshore drilling units (MODUs), including 8 jack ups and
2 floaters.

• 70 land drilling rigs and 50 workover rigs.

• A geophysical survey ship and a second ship under construction in
Russia.

• A geotechnical engineering vessel.

• A stimulation vessel.

• 32 support vessels.

Raha said the company’s expanding activities might lead them to
increase the fleet.

Brownfield development is scheduled for the Bombay High area with
high-tech infill drilling that will include extended-reach drilling to
more than 3 km and multilateral completions.

In the K-G basin, ONGC has completed its first smart “e-well”
offshore, at the G-1-GS15 field.

ONGC is looking at in situ combustion and EOR for Gujarat’s heavy
onshore oil and coal gasification projects. The company has also
dabbled in slimhole drilling; the first wells have targeted coalbed
methane.

During 2004-05, ONGC made four oil and gas discoveries: Vashista in the
eastern offshore, D-33 in the western offshore, Wamaj in Gujarat, and
Tiphuk on the Assam Shelf. The total reserves amount to 49.4 million
tonnes.

Oil India Ltd.
Click here to enlarge image
The Digboi commercial oil discovery was drilled in 1889 in Assam.
Digboi is the world¿s oldest continuously producing oilfield (Fig. 2;
photo from Oil India Ltd.).

Headquartered in New Delhi, Oil India Ltd. is India’s second largest
domestic E&P company. This pioneer company arose from the 1961 joint
venture between Burmah Oil UK and the Indian government to exploit two
oil fields, Nakhorkati and Moran, discovered only 50 km apart in 1959
in Dibrugarh district, Assam (Fig. 2).

After 20 years of production at the two big fields, Oil India made
small to medium-sized discoveries in Assam. By 1981, Oil India was 100%
government owned with a mandate to pursue domestic exploration and
development. In 1996, 1.87% of the company was distributed to employees
and others, but the Indian government retains 98.13% ownership. A new
10% equity issue is under consideration.

Oil India’s director of finance, M.R. Pasrija, told OGJ that the
government divestment would facilitate true market capitalization and
would help the government ascertain the value of the company. It would
also increase public awareness and exposure. Pasrija said that Oil
India hopes to improve its public image with other stakeholders.

Beginning with NELP I (January 1999), Oil India has accumulated
participating interest in 14 blocks, including 5 offshore. All of the
offshore blocks are operated by ONGC, and Oil India has 15-20%
interest. Oil India operates six of the nine onshore blocks, a few of
which are shared with ONGC.

In NELP V, Oil India partnered with Moscow’s Itera International
Group for several onshore blocks. Pasrija said the partnership was a
good fit, with synergies that utilize the strengths of each company.
Oil India plans to participate in NELP VI and is interested in both on
and offshore properties, possibly again with Itera. Pasrija said the
company “might look into CBM.”

In 2004-05, Oil India made three discoveries in Assam: Samdang
(Eocene), West Zaloni and North Tanali.

>From these projects in the northeast and gas and heavy oil projects in
Rajasthan, Oil India produces 3.4 million tonnes crude oil and 2
billion cu m/year natural gas.

Pasrija told OGJ that the company is currently producing about 200
million cu m/year gas from Rajasthan but is taking steps to increase to
1 million cu m/day, through workovers and new development drilling. The
development initiative began in the 2005 fiscal year and will end early
in the 2006-07 fiscal year, with a capital investment of more than 100
crore ($22.4 million).

The company is drilling for heavy oil in Rajasthan, relying on
Pdvsa’s experience with OHRI emulsion technology. The first well,
drilled for R&D, was spudded in October and was nearly at TD in late
November 2005. The gravity is lower than 18o API.

The company is using a 1,000-hp, mobile Chinese drilling rig purchased
for 14 crore ($3.1 million) in 2005. The rig is operated by Mumbai
Drilling, a subsidiary of Oil India Ltd.

Oil India may drill a second well in the Baghewalla block and build a
development plan for the heavy oil. Pasrija said the potential recovery
was 0.5 million tonnes/year.

Pasrija said that Oil India has a fleet of 14 land drilling rigs,
ranging 1,400-3,000 hp. Most are US-made National equipment, maintained
through Bharat Heavy Electricals Ltd. in Delhi.

Oil India drilled about 100,000 m in 2002-03 but plans a “speedy
increase in activities” and plans to increase to 200,000 m/year
through increased activities in the northeast. Pasrija said the company
will hire three rigs for the upcoming drilling program. The initial
contract is for 2 years, with a provisional, 1-year extension.

The first rig was contracted from Shivani Drilling Ltd., Delhi, in
October 2005. The next two rigs will probably be engaged by March 2006
(fourth-quarter fiscal year) and will probably be 1,400 hp and 2,000-hp
rigs. Oil India has 90-100 drilling locations already selected.

In addition to drilling rigs, Oil India owns 13 workover rigs and plans
to buy 4 more through an upcoming bid tender. It has 3 of its own
seismic crews and several contract crews acquiring 2D and 3D seismic in
Assam, and one crew working on a 2D seismic project in Rajasthan.

GSPC
Gujarat State Petroleum Corp. operates 11 oil and gas fields in India
under PSC’s with partners Niko Resources Ltd., Hindustan Oil
Exploration Co. (HOEC), and Heramec India Pty Ltd.

GSPC is involved in oil, gas, and coalbed methane exploration projects
with Gas Authority of India Ltd. (GAIL); Delhi-based Jubilant Enpro
Ltd., part of the Jubiliant Group; GeoGlobal Resources Inc.; HOEC;
India Oil Co. (IOC); ONGC; and Prize Petroleum Corp. Ltd.

Cairn Energy
Edinburgh-based Cairn Energy PLC has been drilling onshore in
Rajasthan, using one workover rig from John Energy Ltd. and three land
drilling rigs:

• Precision Drilling’s 709 super single slant drilling rig.

Click here to enlarge image
Cairn Energy operates two Nafta Pila rigsites in Rajasthan (Fig. 3;
photo by Nina M. Rach).

• Two rigs from drilling contractor Oil and Gas Drilling Co. (OGDC)
Nafta Ltd., based in Pila, Poland: an IDECO 1,200-hp triple with a
top-drive and an IDECO 750-hp double with a kelly. The rigs have been
working in Rajasthan for several years and the drillers, assistant
drillers, tool pushers, mechanics, and electricians are all Polish
nationals (Fig. 3). OGDC Nafta has eight other land rigs that have
worked in Poland, Hungary, Sweden, and Syria.

Cairn told OGJ that the company’s earliest wells cost $4 million each
to drill and complete, but they were able to lower the expense to about
$1 million/well after visiting some West Texas well sites with Todd
Hunt from Atropus Exploration Co. in Dallas.

Cairn’s exploration director Mike Watts said that Cairn now drills
directional wells at about 155 m/day and straight wells about 192
m/day. The top 75 rigs in the US drill 200-205 m/day, and the top 25
rigs can reach 280-290 m/day; so he sees some room for additional
improvement.

Niko Resources
Canada’s Niko Resources Ltd. is working in India and Bangladesh. The
company operates the Hazira gas and oil field offshore India and the
onshore Surat gas field.

In fiscal 2005, Niko spent $35-40 million finishing construction of the
Hazira Alpha platform and drilling and completing five development
wells using Precision Drilling’s modular platform Rig 703. In the D6
block, Niko drilled four wells in fiscal 2005 and shot a new 3,200 sq
km 3D seismic survey for $12-15 million. In the NEC 25 block, Niko
drilled six wells for less than $15 million.

In fiscal 2006, Niko will spend $18-23 million to drill two gas wells
and six to eight oil wells at Hazira and install oil-handling
facilities. In the D6 block, the company will drill six exploration
wells and two development wells, continue working with the seismic,
construct facilities, and build infrastructure, spending $20-25
million. In the NEC 25 block, the company will spend $8-10 million to
drill four exploration wells, work on seismic, and front-end
engineering design (FEED) and development plans.

John Energy
John Energy Ltd., based in Ahmedabad. Gujarat, owns 14 land rigs of
different capacities and employs about 750 personnel. The company has
drilled for ONGC, Cairn Energy Ltd., Niko Resources, HOEC, Joshi
Technologies International Inc. (JTI), Selan Exploration Energy Ltd.,
Gujarat State Petroleum Corp. Ltd. (GSPC), Heramac, Essar Oil Ltd., and
Prize Petroleum.

Mahesh Vyas, managing director of John Energy, told OGJ in December
that it is certified for its quality Management Service by BVQI for ISO
:9001: 2000 and strictly adheres to HSE policies to prevent lost-time
injuries.

P.M. Bharadwaj, manager of commercial and corporate affairs, told OGJ
that the company’s rigs are currently working for Cairn Energy in
Rajasthan (one rig), in the western region for ONGC (six rigs), in the
Hazira field for Canada’s Niko Resources (one rig), and for Essar Oil
(one rig).

Upcoming contracts will include drilling for Heramec, Selan
Exploration; Hydrocarbon Resources Development Ltd.; ONGC; Poland’s
Oil & Gas Exploration Co. Cracow Ltd.; and GSPC. In addition, John
Energy has letters of award from GSPC and JTI for drilling oil and gas
wells in western India’s Cambay basin.

Bharadwaj said that the company recently purchased a new 1,000 hp
MR-8000 drilling rig from Italy’s Drillmec SPA, which will be
delivered to India at the end of January. The rig will go to work for
Cairn Energy. John Energy is also on the verge of procuring two
additional 1,500-hp rigs.

John Energy is planning to launch drilling operations outside of India,
according to Bharadwaj.

Jindal Group
The D.P. Jindal Group has 2,500 employees and $350 million annual gross
receipts. The group includes two manufacturing companies: Maharastra
Seamless Ltd. and Jindal Pipes Ltd. The group also has two overseas
operating companies, Jaguar Overseas Ltd. and Jaguar International
Ltd., that provide steel, line pipe, and oil country tubular goods.
Jaguar exported a record 40,000 tonnes of seamless, electric-resistance
welded (ERW) OCTG and line pipe in the year ending Mar. 31, 2005. The
company will provide 5,400 tonnes seamless line pipe to a JV operated
by Royal Dutch Shell PLC and will supply seamless tubing for a JV
operation between ChevronTexaco and Saudi Aramco.

D.P. Jindal Group includes four drilling service companies:

• Jindal Drilling & Industries Ltd. provides drilling services in
India. Naresh Kumar, managing director at Jindal Drilling, is an IADC
director and vice-chair of IADC’s south central Asia chapter, based
in Mumbai.

Jindal Drilling operates the Noble Ed Holt jack up on the Mumbai High
field. This 111-C design rig arrived on site in 1989 and has operated
continuously for 16 years.

Jindal’s general manager R.A. Agarwal told OGJ that Jindal is trying
to buy or build another jack up sometime in the next year. The company
needs another MODU with 300-ft legs and a cantilevered derrick.

• Discovery Hydrocarbons (P) Ltd. operates the Noble Charlie Yester
jack up rig on the Mumbai (Bombay) High field. The 116-C design rig
arrived in India at the end of 2003. Discovery Hydrocarbons advisor
V.K. Nagpaul told OGJ that both of the jack ups work on 3-year
contracts for $60,000/day.

Discovery recently signed a 5-year renewable contract beginning in
November 2005 to operate the Norwegian newbuild Crystal Sea FPSO for
ONGC on the Bombay High field.

• Discovery Enterprises (P) Ltd. provides oilfield services,
chemicals, EOR, LWD, and seismic acquisition, processing, and
interpretation.

• Newsco Newtech Pvt. Ltd., Jindal’s directional drilling company,
has downhole motors but no rotary steering capability yet.

Agarwal told OGJ that Jindal does not use casing drilling or
underbalanced drilling offshore. The company drills directionally
through templates and commonly sets dual completions in the Mumbai High
field.

In the Ravva field, it only uses mat-supported rigs, no independent leg
jack ups. Agarwal pointed out, however, that there are only two
mat-supported rigs in India, both capable of drilling to 20,000 ft:

• Jagson’s Deepsea Matdrill, a Baker Marine Services BMC-250 mat
slot rig built in 1981 and capable of drilling in water depths to 200
ft.

• Aban Loyd’s Aban II, a Bethlehem JU-250 mat slot rig built in
1981 and capable of drilling in water depths to 270 ft.

Rigs in need of service are sent to either the Cochin shipyard on
India’s southwest coast (7 days sailing south) or to the Hindustan
shipyard on India’s east coast. Rig operators also use the Sharjah
Lampel yard in UAE, a 7-10 day sail.

Jindal Drilling is taking steps to move into land drilling in India.
Agarwal said that they are talking to several companies about building
rigs.

The road ahead
Consumer-led growth in India’s economy has increased demand for
petroleum products. By 2010, JP Morgan Vice-President Lackland Bloom
estimates that India will be the fourth largest petroleum market in the
world. Yet the country remains lightly explored.

The government’s recent efforts to make licensing more flexible and
the possibility of partial divestment in state-owned operating
companies suggest wider drilling and development activity in the
future. ?

Cairn Energy operates two Nafta Pila rigsites in Rajasthan (Fig. 3;
photo by Nina M. Rach).

India Licensing Acreage
In January 2005, Mani Shankar Aiyar, India¿s minister for petroleum
and natural gas, introduced the fifth round of the New Exploration
Licensing Policy (NELP-V), which offered 20 blocks (12 land, 2 shallow
water, 6 deep water) in 12 different basins (Fig. 1). International
operators placed bids with the Directorate General of Hydrocarbons by
May 31 and the blocks began to be awarded in August 2005 (see table).
Production sharing contracts have now been signed for 18 of the 20
blocks.

Licensing
Click here to enlarge image
In September 2005, the Petroleum Federation of India (www.petrofed.org)
and PricewaterhouseCoopers submitted their "Review of Indian
Exploration & Production Licensing Policy," to the petroleum minister,
Mani Shankar Aiyar. The report included recommendations to:
•Transition to an open-acreage nomination licensing policy.
•Establish a national data repository (NDR) with online data access.
•Offer different awards terms and production sharing contract (PSC)
terms for different types of blocks (land, frontier, shallow water,
deep water, ultradeep water, and poorly explored).
•Put in place an independent upstream regulator to handle issues
relating to licensing policies, appraisals, reviews, approvals, etc.

NELP VI
The NELP VI licensing round will be announced in first-quarter 2006.
India's Dir. Gen. of Hydrocarbons V.K. Sibal told OGJ that the round
would include about 50 blocks, equally distributed between onshore and
offshore. The block sizes will be as small as 16 sq km to attract a
wide a range of operators and the round will include some coalbed
methane acreage (OGJ Online, Nov. 17, 2005).

-- posted by Kirk