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GeoGlobal Resources Inc. Message Board

joyfull888 4 posts  |  Last Activity: Dec 31, 2014 3:15 PM Member since: Jul 25, 1998
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  • joyfull888 joyfull888 Dec 31, 2014 3:15 PM Flag

    The discoveries in Rajasthan were of the heavy oil nature. The goal was to find younger lighter oil in one of the targetted drill locations. Any return from heavy oil would be subject to a long timeline, huge investment in techonology and a technologically feasible method of thinning it so that it can be piped to a refinery. The nearby discovery was made in 1990 and it still has not been brought into production.

    My sense is that GGLR cannot wait for commercializing the discovery and its only hope to capitalize on the discovery is to sell it. I cannot imagine GGLR will sign anything unless it receives some cash from OIL.

  • joyfull888 by joyfull888 Dec 5, 2014 3:18 PM Flag

    Filed their financial statements.

  • 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.

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