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GeoGlobal Resources Inc. (GGLR)

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0.006+0.00 (+20.00%)
At close: 1:02PM EDT
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  • Some interesting trades today - someone sold 200k , into every bid , slowly over 4 trades through the day , then. 100k buy , followed by a large sell at the close - 60k filled , leaving 2.55m shares at ask of .005 at close ... wonder if it'll still be there on Monday
  • The stock price of ILDE has about doubled this year on the Tel Aviv market - I think the ~32% of GGLR it holds is the only meaningful asset
  • Up 49% today! What is going on? I inherited a boat load of this stock,,,is this company rising out of the ashes? Dad said hang on till it was worth something or just disappears. He always had faith in this company.
  • GSPC upgrading wells at Tarapur - 8Hiring of Mobile Air Compressor for CB-ONN-2000/1, CB-ON/2, CB-ONN-2002/3 & CB-ONN-2003/2 Blocks
  • Maybe JPR can get us involved in some of that Arctic drilling.
  • Speculating that JPR will help GSPC with onshore properties , with Deen dayal dispute settled and previous GSPC mgmt team out -- new team will need expertise
  • PETROWATCH More problems at Oil India onland KG well YLK-1

    5 days ago - Oil India admits it has committed a major blunder at well YLK-1 at onland KG block KG-ONN-2004/1 where it continues to face huge mud loss ...
    More problems at Oil India onland KG well YLK-1
    Oil India admits it has committed a major blunder at well YLK-1 at onland KG block KG-ONN-2004/1 where it continues to face huge mud loss problems. By April 29, a Nabors 3000-hp rig had drilled the...
  • Good to see more buying again today ... up to .015 ... which finally brought out a new seller ... 100k avail there
  • Nice to see the sellers below .01 have been cleaned up , once JPR gets the seen dayal dispute resolution finalized and we have a new balance sheet with properties - the stock should move much higher
  • After exit, GSPC re-enters KG basin
    TNN | May 2, 2017, 04.17 AM IST
    Printed from
    GANDHINAGAR: After palming off its 80% stake in the Krishna-Godavari
    Basin gas block to ONGC, for a whopping Rs 8,100 crore, Gujarat State
    Petroleum Corporation Ltd (GSPC) is now set to re-enter it, by acquiring
    the 10% stake in the basin of its JV partner, Geo-Global Resources (GGR).
    The stake transfer will involve only the GGR's call money of roughly Rs
    500 crore. GGR and Jubilant Offshore Drilling Pvt Ltd (JODPL) each each
    hold a 10% participating interest in the KG basin block.
    The Comptroller and Auditor General (CAG) of India had earlier come
    down heavily on the Gujarat government, the promoter of GSPC, for the
    massive outstanding sums of GGR and JODPL. The CAG observed that on
    March 31, 2015, a huge outstanding amount of Rs 1,734 crore was against
    GGR. In May 2016, Gujarat energy minister Saurabh Patel had given an assurance that once the company began commercial
    production, the pending recovery of Rs 2,319.43 crore from its JV partners would be made.
    Strangely, GSPC has now decided to accept GGR's proposal for a write off of its 10% share in the KG basin operation . For
    GSPC, which has been supporting GGR in KG basin block, this deal comes at zero cost. This is because GGR's outstanding
    amount will form part of the sale. The process will take three months, sources said.
    Chief secretary J N Singh, who is also the chairman and MD of GSPC, told TOI ," GGR had approached us to surrender its 10%
    share in the KG basin operation. The government has, in-principle, agreed to accept the proposal as it was decided when the
    contract was signed with GGR. We have sought permission from the ministry of petroleum of the government of India too. Our
    new partner, ONGC, has also suggested that we accept GGR's proposal."
    The Public Enterprise Committee (PEC) of the state assembly had noted that, "GSPC took an 'unacceptable risk' in the gas
    exploration at KG basin. The PEC said that against an estimated expenditure of $109.70 million, GSPC spent $1,404.86 million,
    12.81 times what was estimated while placing bids, for three phases of gas exploration.
  • GSPC to re-enter KG basin, acquire Geo-Global’s stake
    After a much debated exit from its Krishna-Godavari Basin gas block, Gujarat State Petroleum Corporation Ltd (GSPC) is set to re-enter it by acquiring Geo-Global Resources’ 10 per cent stake.

    In December last year, GSPC, operator of KG-OSN-2001/3, had sold its 80 per cent stake for about $1.2 billion (₹8,100 crore) to public sector giant ONGC. The other two partners in the block were Geo-Global Resources and Jubilant Offshore Drilling Pvt Ltd holding 10 per cent participating interest each.

    The asset has always been seen as one close to Prime Minister Narendra Modi’s heart, as the discovery was announced by him during his stint as the Gujarat Chief Minister.

    Allegations were also made on inflated gas reserves projections made by the company then.

    Multiple sources associated with the developments told BusinessLine that a memorandum of understanding has been worked out between Geo-Global and GSPC and the nuances are being worked out for the transfer.

    Asked why did GSPC exit the block, when it had to re-enter, sources in the know said, “parallel discussions with the minority partner was going, but was not concluded. GSPC always wanted to be part of the asset.”

    On the cost of transaction, officials said that GSPC has been hand-holding Geo-Global in the project, and therefore, the deal will be technically at zero cost, as the outstandings that Geo-Global had will form part of the sell out.

    Await DGH nod
    Once GSPC and Geo-Global conclude the transfer, they will need to approach the Directorate General of Hydrocarbons for regulatory approvals.

    Subsequent to the DGH nod, the production sharing contract will need to be re-inked with ONGC and Jubilant.

    “The entire process need not take more than three months,” an official said.

    The Comptroller & Auditor General of India in March last year had pulled up the State government, promoter of GSPC, for heavy outstanding against — Geo-Global and Jubilant.

    The CAG had observed that outstanding amount as on March 31, 2015, stood at ₹ 1,734.60 against Geo-Global Resources alone. In May 2016, the then Gujarat Energy Minister Saurabh Patel had clarified that once the company begins commercial production, the pending recovery of ₹2,319.43 crore from the JV partners will be made.

    ONGC, which has acquired the majority stake from GSPC, was clear that it will not be taking the later’s debt and that the deal valuation remained the same.

    Meanwhile, the DGH expects ONGC, now the operator of the block, to work on the already approved field development plan.
  • Dutch-incorporated Jubilant Energy N.V., which holds 10% in KG-OSN-2001/3 block, wrote to ONGC this month (April) announcing its insolvency.

    Jubilant Energy goes bust leaving ONGC worried
    When ONGC reluctantly agreed to buy 80% held by GSPC at KG-OSN-2001/3 it probably never imagined handling the whole block alone. But now that worrying scenario is a distinct possibility...

  • Jubilant Energy goes bust leaving ONGC worried

    When ONGC reluctantly agreed to buy 80% held by GSPC at KG-OSN-2001/3 it probably never imagined...

  • Nice to see another bid today, 50k traded at oo80 , with a standing bid of 300k also at oo80 ... a second trade at oo85 of 75700
  • Received an alert this am about $GGLR from http://yugestocks.com/?s=GGLR, you may want to take a look. The peter principle: every man is promoted to his own level of incompetence. Trading stocks investing.

    Yuge Stocks: Trading Stocks and Making Money
    Stock alerts from the Yuge Stocks. Stock trading, making money and always looking for the next big money maker.
  • Oil India plans 2 more HP/HT wells at KG block

    Oil India is preparing to begin drilling two more High Pressure/High Temperature wells at...

    CAG headache for ONGC as GSPC deal closes

    Not only has ONGC been forced to reluctantly take over the KG-OSN-2001/3 block from GSPC it...

  • ONGC's KG Basin ambitions-II: Development plan for ultra deepwater prospects by early 2018

    Apr 05: What are ONGC's integration plans for the KG-OSN-2001/3 field?

    The focus is now on getting the field to the commercial productions stage

    The idea seems to create an HPHT corridor in the KG Basin

    The DDW field will emerge as pivot to developing nearby NPHT discoveries in Yanam and Godavari PML areas of ONGC.

    ONGC is now unveiling a massive fast track development plan to club all of this with the gas discoveries in KG-DWN-98/2 and existing nomination blocks

    Somehow though the plan specifically talks of "synergy of strategies" among government owned companies, leaving out the privately own RIL-BP combine from such an alliance, even though the latter has a massive unutilized infrastructure in the area

  • One of the major Deen dayal finds, kg-21, was drilled outside of the well head infrastructure put in place for neighboring holes ... increasing costs to operate
  • Someone took out the 40k at oo78 today -- so, doesn't look like any sitting offers below oo95 are left ... we might finally get above 1 again soon
  • Cambay block-I: GSPC reneges on cash calls

    Apr 03: Oilex, the JV partner with GSPC, is running into a bit of a spot as the latter is unable to honour cash calls on account of financial problems.

    The two are partners in the Cambay and Bhandut projects, where Oilex feels there still a lot of reserves leftl to be tapped

    It is learnt that Oilex is now preparing ground for acquiring GSPC's stake or else to go the other extreme, which is sell out and leave

    It is also possible for Oilex to do a part sale

    There is already an offer to buy Oilex's stake in Bhandut.

    Cambay block-II: Oilex looking for a deal

    Apr 03: Oilex claims it is stilling on a goldmine in the Cambay block.

    The block is spread over 40,000 acres.

    It says that it has nearly 1 tcf of fully recoverable reserves and around 4.4 tcf of Gas in Place

    What is more, it is well connected to the national pipeline network

    So is anyone interested to farm in?