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GeoGlobal Resources Inc. Message Board

joyfull888 12 posts  |  Last Activity: Nov 12, 2014 12:30 PM Member since: Jul 25, 1998
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  • Nov 12: GSPC is not happy with the gas price of $5.60/mmbtu notified by the Modi government.
    The company has shot off a letter to the petroleum ministry arguing that selling gas from its Deendayal West (DDW) field in the KG-OSN-2001/3, at $5.60/mmbtu is not at all viable as the gas from the field is produced from risky High Temperature-High Pressure (HTHP) and low permeability wells in ultra deepwater areas.
    The consortium led by GSPC has already invested more than $3.2 billion in developing the DDW field assuming that it would be allowed to sell the gas at market determined prices which was the essential and most important feature of NELP contracts.
    As further capital needs to be pumped in the field, the company is of the view that it wont be possible to do that at a gas price of $5.6/mmbtu.
    It is pertinent to note that, GSPC, as per provisions of the Production Sharing Contract (PSC), had floated tenders for sale of gas from the DDW field and received bids for purchase of 35.96 MMSCMD of gas above the floor price of $8.5/mmbtu.
    The company's argument is that when there are buyers ready to lift gas at $8.5/mmbtu, it should not be put to irreparable harm by being forced to sell gas at a price which is less than the cost of production (which includes exploration, development and production cost).
    In light of this, GSPC has once again requested the ministry to approve a price of $8.5/mmbtu for the gas produced from the DDW field.

  • Oct 31: For reference purposes, but the website, for reference purposes, carries here a detailed letter seeking a price of $8.50/mmbtu for gas produced from the DDW gas field of KG-OSN-2001/3 Block.
    8The field is currently producing around 0.8 mmscmd of gas that has been allocated to Nagarjuna Fertilizers Ltd in Kakinanda.
    8GSPC however refused to supply gas at that price but the situation has now changed with the Modi government coming out with a gas price of $5.60/mmbtu.
    8The company is clearly unhappy with the price.
    8The website carries here a detailed set of arguments given by GSPC on why it deserved a higher price.
    8Also carried here are the details of the e-auction, including buyer-wise bids, held by the company to elicit an arms length gas price.

  • New Delhi, Oct. 18: Reliance Industries and partner British Petroleum have reason to feel hugely miffed after the Narendra Modi government today announced a new gas pricing formula — and denied it the benefit of any price rise until it made up for the massive shortfall in gas production from its deep-water field in the Krishna-Godavari basin.

    The government fixed a price of $5.61 per million British thermal unit (mBtu) against a prevailing price of $4.20 per mBtu, which was fixed in August 2007.

    The big beef was over a gas pricing formula that was drawn up by a committee headed by Chakravarthy Rangarajan, who headed the economic advisory council that reported to former Prime Minister Manmohan Singh.

    The Rangarajan formula — which cherry picked several global gas hub prices — was accepted by the UPA government and notified in January this year. The price under that formula would have led to a rate of $8.40 per mBtu that was supposed to come into effect from April 1.

    The Election Commission stopped the implementation of the new gas price and, after the formation of the Modi government, the issue was lobbed to a group of four bureaucrats that suggested a tweaked formula.

  • Australian oil and gas exploration company Range Resources has decided to not move forward with the farm-in option for the PUT-6 block in Colombia's Putumayo basin, instead doubling down on opportunities in Trinidad and Tobago.

    The move follows the company's May departure from the PUT-7 block, also located in Colombia's Putumayo basin. In the latest announcement Range noted it is writing off US$3.48mn related to a performance bond issued to fund work commitments on PUT-6.

    "To minimize our cost exposure on all fronts, we have taken pragmatic steps to exit our position in PUT-6 and PUT-7 blocks, where the work program would have been very expensive for Range," CEO Rory Scott Russell stated in a release. "I am particularly pleased that we will maintain our exposure to Colombia at a minimal cost."

  • Petroamerica Oil Corp. (TSX VENTURE:PTA) ("Petroamerica" or the "Company"), a Canadian oil and gas company operating in Colombia, holds a 50% interest in the Putumayo-7 block (subject to ANH approval) following a May 2014 farmin with PetroCaribbean Resources Ltd.

    Petroamerica has recently become aware of an allegation made by GeoGlobal Resources Inc. ("GGR") in a press release issued by it and Key Capital Corporation on September 19, 2014 that GGR has a right to a 10% carried interest and an option for a 40% interest in the Putumayo-7 block.

    Petroamerica, in consultation with its counsel, considers the allegations of GGR to an on-going interest and option in the Putumayo-7 block to be without merit.

  • joyfull888 by joyfull888 Sep 20, 2014 3:52 PM Flag

    The company website is functional again. The company now is headquartered in Barbadoes.

  • It has recently come to GeoGlobal’s attention that Petro Caribbean has sold a 100% interest in the Putumayo 7 block to PetroGranada an
    investment vehicle of a division of Barclay’s Bank PLC (50%) and to TSX-V listed Petroamerica Oil Corp (50%). GeoGlobal has provided notice
    to all parties that it is contesting the sale without consideration to GeoGlobal’s entitlements and without GeoGlobal’s knowledge or consent and,
    further, should the interest in this property be dealt with by the parties in anyway without GeoGlobal’s consent or participation then GeoGlobal
    will be reserving its right to legal remedy.
    Oil India Limited:
    GeoGlobal is currently in an Arbitration in India with public sector major, Oil India Limited, and contrary to Press coverage in India on September
    9, 2014, there has been no deal negotiated to settle the matter. GeoGlobal denies the substantive claim by Oil India for past project costs and
    has recently filed responses to Oil India’s claims together with Counterclaims and, although not a direct Arbitration matter, GeoGlobal has
    provided notice of a damages action of over US$650 million arising through alleged breach of Agreement, negligence, incompetence and gross
    over charging by Oil India.
    All GeoGlobal assets in India are 100% owned by the Company’s Barbados subsidiary which will continue to provide, where required, for full
    technical support and the geophysicist services of geoscientist Jean Paul Roy, the sole Officer of the GeoGlobal Barbados subsidiary and the
    Chairman, President and CEO of GeoGlobal. Maintaining the status quo of all existing relationships as well as working towards industry
    excellence in India is a major focus for GeoGlobal moving forward. GeoGlobal has already been formally recognized and awarded in India for its
    contribution to discovery and for its technical capabilities and this level of achievement and performance is a key milestone that GeoGlobal will
    strive to maintain in India

  • joyfull888 joyfull888 Sep 19, 2014 11:38 AM Flag

    Am having trouble posting the last part of the earlier article on the claims in Colombia and India

  • joyfull888 joyfull888 Sep 19, 2014 11:36 AM Flag

    Geoglobal has resurrected its website.

  • Marketwired
    September 19, 2014: 09:30 AM ET
    KEY CAPITAL CORPORATION (PINKSHEETS: KCPC) and GEOGLOBAL RESOURCES INC ("GeoGlobal") (PINKSHEETS: GGLR) jointly advise the following with regard to GeoGlobal's affairs that are unrelated to its current ongoing E&P operations in the Cambay and Krishna-Godavari Basins in India:
    Colombia License:
    GeoGlobal, through agreement with Petro Caribbean Resources Ltd, prepared a Bid on two highly prospective oil and gas exploration blocks (PUT 6 and PUT 7) in Colombia and a related party to GeoGlobal provided the Bid guarantee of US$100 million plus to Agencia Nacional de Hidrocarburos in order that the Bid have the required financial support.
    GeoGlobal provided all the technical input and preparation of Bid documentation as well as for the Work Program. The Agreement between the parties provided for an Operating Agreement and/or a joint venture to be entered into under which GeoGlobal was to receive a 10% Carried Interest as well as an option for a 40% Participating Interest. This Operating Agreement and/or Joint Venture Agreement was never provided by Petro Caribbean. Although Petro Caribbean purported to terminate all of GeoGlobal's rights and entitlements in May 2013, GeoGlobal responded to Petro Caribbean the following month strongly contesting this action, and further will continue to contest it.

  • joyfull888 joyfull888 Sep 1, 2014 11:09 PM Flag

    In the February 2014 Crede filing for GGRL on the SEC website Crede states:

    "As of the close of business on December 31, 2013, each of the Reporting Persons may be deemed to have beneficial ownership of 13,827,387 shares of Common Stock, which consists of 13,827,387 shares of Common Stock issuable upon exercise or exchange of the Warrant, and all such shares of Common Stock represent beneficial ownership of approximately 6.9% of the Common Stock, based on (1) 185,900,113 shares of Common Stock issued and outstanding on February 28, 2013 as reported by the Issuer, plus (2) 13,827,387 shares of Common Stock issuable upon exercise or exchange of the Warrant."

  • joyfull888 by joyfull888 Aug 27, 2014 10:00 PM Flag

    It appears that funding is coming from redrockassets which is a social lending site run by KCPC. Investments can come from individuals who are registered on their site. They provide further limited details on the site for registered users.

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