GeoGlobal Announces Signing of Two Onshore Exploration Blocks in India
28 Septembre 2005 - 2:59PM
Business Wire
GeoGlobal Resources Inc. (AMEX:GGR) announced today the signing of
the Production Sharing Contracts on two previously announced
Exploration Blocks in India. The signing, which was held at a
ceremony in New Delhi, India on September 23, was part of the
signing of 20 new exploration blocks which were awarded by the
Government of India under the fifth round of the New Exploration
Licensing Policy ("NELP-V"). The Production Sharing Contracts each
provide for work commitments to be performed over three phases over
an exploration period of a total of 7 years with specified seismic
and exploration drilling activities to be conducted during those
work commitment periods. The Company will be required to fund its
proportionate share of costs incurred in these activities. The
Company's share of these costs is estimated to total approximately
US$12.1 million for both blocks over the 7 years. Exploration block
DS-ONN-2003/1, also referred to as Block 12 under NELP-V, covers an
area of approximately 3,155 square kilometers (sq. kms) onshore in
the Deccan Syneclise Basin located in the northern portion of the
State of Maharashtra in west-central India. The Company holds a
100% participating interest ("PI") in this block and will be the
operator. The work commitment under Phase I being 3 years, is to
complete a gravity magnetic and geochemical survey and acquire an
aero magnetic survey of 12,000 line kms. In Phase II being 2 years,
we are to acquire 500 linear kms of 2D seismic and drill 1
exploration well. In Phase III, also 2 years, we are to acquire 250
sq. kms of 3D seismic and drill 2 exploratory wells. Exploration
block CB-ONN-2003/2, which is also referred to as Block 11 under
NELP-V, covers an area of approximately 448 sq. km. onshore in the
Cambay Basin located in the State of Gujarat south-east of
GeoGlobal's existing three Cambay blocks. The Company holds a 10%
PI, Gujarat State Petroleum Corporation Limited ("GSPC") is the
operator and holds a 50% PI, with the remainder held by GAIL
(India) Ltd. and Jubilant Capital Pvt. Ltd. The work commitment
under Phase I being 3 years, is to acquire 448 sq. kms of 3D
seismic, reprocess 650 linear kms of 2D seismic and drill 14
exploratory wells between 1,500 and 2,500 meters. In Phase II, also
3 years, we are to drill 4 exploratory wells, and in Phase III, the
final year, we are to drill 6 exploratory wells, all between 2,500
and 3,000 meters. GeoGlobal Resources Inc., headquartered in
Calgary, Alberta, Canada, is a US publicly traded oil and gas
company, which through its subsidiaries, is engaged primarily in
the pursuit of petroleum and natural gas through exploration and
development in India. Since inception, the Company's efforts have
been devoted to the pursuit of Production Sharing Contracts with
the Government of India. Currently, the Company is focused on the
development of high potential exploration targets in the Krishna
Godavari, Cambay and the Deccan Syneclise basin areas. Cautionary
Statement to Investors This press release contains statements which
constitute forward-looking statements within the meaning of the US
Private Securities Litigation Reform Act of 1995, including
statements regarding the plans, intentions, beliefs and current
expectations of GeoGlobal Resources Inc., its directors, or its
officers with respect to the oil and gas exploration, development
and drilling activities being conducted and intended to be
conducted and the outcome of those activities on the exploration
blocks in which the Company has an interest. Statements regarding
the work commitments to be fulfilled, the surveys to be conducted,
and the results of fulfilling those work commitments, the outcome
of drilling and testing of wells drilled on the exploration blocks
and the timing of any commercial production that may be established
are forward-looking statements. There can be no assurance as to the
outcome of those surveys conducted, the exploratory drilling and
the testing and evaluation that may be conducted on the wells
drilled or as to the quantity of recoverable reserves that may
exist in the areas of any wells drilled or when, if ever, that the
Company may realize revenues from those wells. The Company's
forward-looking statements include the estimated cost and timing of
its exploration activities, including the estimated costs of
fulfilling its work commitments and any exploratory drilling
conducted as a consequence of the outcome of the surveys conducted,
the extent of activities conducted and the outcome of those
activities. Investors are cautioned that any such forward-looking
statements are not guarantees of the success of the Company's oil
and gas exploration, development and drilling activities or the
commercial success of any of its wells and the wells the Company
may drill involve risks and uncertainties. The Company's actual
results may differ materially from those projected in the
forward-looking statements. There are numerous risks and
uncertainties involved in the Company's acquisition of unproved
minority and majority interests in the exploration areas, including
the possibilities that no discoveries of hydrocarbons are made on
the exploration blocks or, if discovered, that such discoveries are
determined not to be commercially productive. There can be no
assurance that the Company's drilling program will be successful or
that the entire program on any exploration block will be drilled.
There can be no assurance that the Company's estimates as to the
time to fulfill work commitments and complete drilling operations
will be accurate. The blocks are a highly speculative exploration
opportunities and pursuing the development of the exploration
blocks will involve material risks to the Company. The Company's
interest in Exploration Blocks 11 and 12 under NELP-V and its other
exploration blocks are participating interests and there can be no
assurance that such funds as are required to meet the Company's
obligations under those agreements will be available to the Company
in the amounts and when required. The Company's failure to have
such funds available at the times and in the amounts required could
materially adversely affect the fulfillment of the Company's
business plans and its interest in those exploration blocks.
Additional risks and uncertainties arise out of seeking to do
business overseas in India where political and other world events
may disrupt the Company's plans and intentions. The presence of
hydrocarbon reserves on adjacent or contiguous properties is no
assurance or necessary or probable indication that hydrocarbons
will be found in commercially marketable quantities on the
exploration blocks in which the Company holds an interest.
Additional important risk factors are described in the Company's
periodic filings with the Securities and Exchange Commission,
including the Company's annual report on Form 10-KSB and quarterly
reports on Form 10-QSB. The filings may be viewed at
http://www.sec.gov. and www.sedar.com. GEOGLOBAL RESOURCES INC.
(AMEX:GGR)
Geoglobal Resources (AMEX:GGR)
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