Folks, this is exactly how Niko Resources got started in India about 10 years ago, when they partnered with GSPC to re-enter an abandoned gas well at a then relatively unknown Gas Field in Western Gujarat State named Hazira.
At that time Niko was trading for CAD 55 CENTS a share (USD 40 CENTS) on the Alberta Stock Exchange for high-risk microcap stocks.
They deepened the well and found the Hazira Field with gas reserves today of between 750 BCF and 1 TCF, and well over 25 pay horizons.
Niko's Geoscience exploration consultant was a fellow named Jean Paul Roy, who now happens to be the CEO of GeoGlobal.
Will history repeat itself ??? We'll See...
============================================== GSPC Finds Oil in Well Discarded by ONGC Our Bureau
Ahmedabad , March 4
GUJARAT State Petroleum Corporation Ltd (GSPC) has discovered a significant quantity of oil in the Tarapur block, which had been bagged by the Gujarat Government company in 2000.
"I am happy to announce that GSPC has discovered oil in the Tarapur oil and gas exploration block for which the production sharing contract was signed on April 12, 2000. The Tarapur block measures 1,618 km for which GSPC is the operator," the Gujarat Chief Minister, Mr Narendra Modi, announced in the Assembly on Friday.
The block was earlier abandoned by Oil and Natural Gas Corporation (ONGC). Later, it was allocated to GSPC, which carried out extensive geological and geophysical work, including analysis of 3D seismic data.
The private sector Hindustan Oil Exploration Company, which had initially joined GSPC as a 50-per cent partner, had also withdrawn from the venture, the Chief Minister said.
Mr Modi announced that GSPC has successfully spudded the first exploration well in Mitrampura village near Tarapur in Anand district last month. The well, Tarapur #1, was drilled up to 2,250 metres depth and various prospective hydrocarbon zones were identified.
"A good quantity of oil has been recovered from 1,490 metres depth and it is estimated that this horizon may contain good quantity of oil. The initial recoverable reserves are in the region of 5-7 million barrels and experts say there could be more oil at a greater depth," Mr Modi said.
Oracle: The locals are extremely bullish as they are close to the action viz Faxes, Calls and Supplies emanating from the Drilling On site project Office.
The secondary market claims mystics who have ESP powers are being used to evaluate the extent of the holding resevoir cavity using Long wave resonance between 2 observers.
The local press in India claims that they have the worlds largest HydroCarbon deposits even bigger than the Saudis. Foreign firms are pouring in trying to get on the Band wagon. The Indian Govt is hoping thats its Petro Industry will now overtake the Outsourcing Software Sector and then overtake the Exxons just as its Outsourcing Industry destroyed our Service sector.
As usual do your dd and remember Indians are big on Gas.!