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GeoGlobal Resources Inc. Message Board

  • slipperydevils slipperydevils Sep 12, 2013 12:04 PM Flag

    GSPC's Deen Dayal discovery, Part-VIII: Approval of audited accounts deferred by Management Committee for want of GGR's consent

    Sept 12: The Management Committee (MC) of the block KG-OSN-2001/3 has deferred approval of audited accounts for 2011-12 and 2012-13 as the operator GSPC, could not elicit an endorsement from Geo Global Resources Barbados Inc. (GGR). GGR holds a 10% Participating Interest (PI) in the block.

    The audited accounts for both fiscal years were submitted to the MC with an affirmative vote of 90% as per article 5.6 of the Joint Operating Agreement (JOA). However, the DGH said that the audited account should be submitted with complete approval of the Operating Committee (OC) which means that GGR's stamp of approval is a must.

    For 2012-13, a total expenditure of $659.56 million was submitted to the MC. Of this $604.34 million was submitted as development cost while another $55.21 million was presented as exploration cost incurred during the year.

    For 2011-12, GSPC submitted an audit account amounting to $434.22 million to the MC. Of this, $362.94 million was submitted as development cost while another $71.28 million was put under the head of exploration cost during the year.

    Now adoption of audited accounts for both 2011-12 and 2012-13 will be undertaken only when GGR's consent is elicited or the petroleum ministry makes a special dispensation in this regard.

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