GeoGlobal Resources Inc. (Ticker GGR charts) is an oil and gas company based in Canada and listed on the American Stock Exchange. Through its subsidiaries, GGR is engaged primarily in the pursuit of petroleum and natural gas through exploration and development in India. GGR and its partner, GSPC , have discovered what could be the largest natural gas (NG) field in the Indian Ocean. Since GGR showed it could successfully find hydrocarbons, they have made similar partnerships with other Indian oil companies.
From the December 2008 issue of "Kirk Lindstrom's Investment Letter:"
GGR has no revenue and will not for some time so this is highly speculative! If we continue to buy shares when very low and take profits when up, it is a safe (but VOLATILE) way to invest in a key emerging market, India.
If we continue to buy shares when very low and take profits when up, it is a safe (but VOLATILE) way to invest in a key emerging market, India. As of 11/20/08, I have $26,308 cash profits taken plus 5,900 shares from buying and selling GGR. This is all profit. GGR could go to zero tomorrow and I would still have the cash. My goal is to use GGR as an ATM to generate more cash trading its volatility.
News =>
GGR: Geoglobal Resources Up on Major New Natural Gas Discovery in Krishna-Godavari BasinGSPC or Gujarat State Petroleum Corporation is planning a $6B listing and IPO on the Bombay Stock Exchange.
Use the comments section to post news about GGR or discuss it as an investment or trading vehicle.
Disclaimer: I am on "house money" with GGR. I purchased GGR for my newsletter portfolio between $0.94 and 2.25 in 2004 and I have shares purchased as low as 12¢ in my personal portfolio. I took a TON of profits when the stock was high, including twice in the $13s in late 2005, so I have huge profits in this already which may allow me to trade this more aggressively.
12/3/08 Udpate: Prior to today, my last trade was to sell shaers at $3.81 on 7/30/08. I took most of my money out when it was higher but have started to purchse shares again to trade including my last, personal buy today at $1.24. I will list an auto sell target (a limit order you set at your broker ahead of time) in the next newsletter for the shares I bought today for my explore portfolio. For my specific buy and sell targets, you need to Subscribe to Kirk's Investment Newsletter.
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12/3/08 Udpate: Prior to today, my last trade was to sell shaers at $3.81 on 7/30/08. I took most of my money out when it was higher but have started to purchse shares again to trade including my last, personal buy today at $1.24. I will list an auto sell target (a limit order you set at your broker ahead of time) in the next newsletter for the shares I bought today for my explore portfolio. For my specific buy and sell targets, you need to Subscribe to Kirk's Investment Newsletter.
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From indianpetro.com Daily Bulletin:
ReplyDeleteKG-OSN-2001/3 block: GSPC awaits Essar WildCat as KG-19 remains suspended
Dec 2: Gujarat State Petroleum Corporation (GSPC) is eagerly awaiting the anchor moored Essar WildCat rig in its prolific east coast block KG-OSN-2001/3. "Essar WildCat developed a series of technical snags and equipment breakdown and is presently up for maintenance," reliable GSPC sources, close to the KG block developments, revealed to our website in New Delhi on Tuesday (December 2, 2008). Meanwhile the KG-19 well remains suspended, sources added. KG-19 is situated in water depths of approximately 150 meters in the KG contract area. The well is being drilled by WildCat vertically to a target depth of 5,000 meters below the Lower Cretaceous unconformity. The Essar rig is capable of drilling up to water depths of 400 meters with an overall drilling depth capacity of 7,600 meters, sources confirmed.
KG-19 is 15 kms north-east of the KG-16 well. Of the fifteen wells drilled in the block so far, fourteen are exploration wells and one is an appraisal well. With the completion of three recent wells in the block -- KG-31, KG-22 and KG BRU-1 -- GSPC has achieved a total meterage drilled of 48,360 meters. The total meterage required to be drilled under the original Minimum Work Program (MWP) over three exploration phases (now divided into two new phases) for twenty wells was 45,352 meters.
KG-OSN-2001/3 was awarded to the GSPC led consortium under the New Exploration Licensing Policy (NELP-III). The country`s upstream regulatory authority, Directorate General of Hydrocarbons (DGH), is likely to approve the Declaration of Commerciality (DoC) for four GSPC discoveries in the KG block. These discoveries are: KG-8, KG-17, KG-15 and KG-28.
GGR at $1.75 is up 22.38% today. Is it the news below or the market rally overall?
ReplyDeleteGSPC spuds fresh well in KG offshore; targets lower cretaceous zones
Dec 15: Gujarat State Petroleum Corporation (GSPC) has completed a fresh exploratory well in its east coast block KG-OSN-2001/3. "The Deep Driller rig has drilled the KG-32 exploratory well in 100 metres of water depth, heading for 5,100 metres in the offshore block," reliable GSPC sources, close to the KG developments, revealed to Indian Petro News in New Delhi on Monday (December 15, 2008). The operator has already set a 30" casing and a blow-out preventor at the well site, sources added. The operator is likely to explore the hydrocarbon potential in lower Cretaceous zones of the well, sources added.
Meanwhile the KG-19 well remains suspended in the block. The well is situated in water depths of approximately 150 meters in the KG contract area. KG-19 s being drilled by Wildcat vertically to a target depth of 5,000 meters below the Lower Cretaceous unconformity. The Essar rig is capable of drilling up to water depths of 400 meters with an overall drilling depth capacity of 7,600 meters. Of the fifteen wells drilled in the block so far, fourteen are exploration wells and one is an appraisal well. With the completion of three recent wells in the block -- KG-31, KG-22 and KG BRU-1 -- GSPC has achieved a total meterage drilled of 48,360 meters. The total meterage required to be drilled under the original Minimum Work Program (MWP) over three exploration phases (now divided into two new phases) for twenty wells was 45,352 meters.
KG-OSN-2001/3 was awarded to the GSPC led consortium under the New Exploration Licensing Policy (NELP-III). The country's upstream regulatory authority, Directorate General of Hydrocarbons (DGH), is likely to approve the Declaration of Commerciality (DoC) for four GSPC discoveries in the KG block. These discoveries are: KG-8, KG-17, KG-15 and KG-28. By Sadiq Shaban http://www.indianpetro.com/articleView.do?articleID=66045
GSPC wraps up Tarapur drilling project; block ready to produce
ReplyDeleteDec 29: Gujarat State Petroleum Corporation (GSPC) has completed an ambitious three well exploratory programme in its discovered Tarapur block CB-ON/2. Speaking exclusively to our website on Monday (December 29, 2008) reliable company sources revealed that the three fresh wells -- dubbed TK-1, P-2 and P-1E -- have been drilled in the block. The wells were spud beyond depths of 2,200, 1,900 and 1,200 meters, respectively. With the latest cache of wells, the operator has completed a total of twenty-six wells in Cambay onland. Of the twenty-six wells, there are twenty exploration wells, three appraisal and three development wells, sources added. The development plan for the block involves putting Tarapur-1, Tarapur-G and Tarapur-6 wells on production. CB-ON/2 is ready to produce more than 1,200 barrels of oil per day (BOPD).
==>In recent developments at Tarapur ONGC has exercised its option to acquire a participating interest of 30% in the development phase of operations. Prior to that GSPC successfully processed about 90 sq kms of 3D seismic data in the western part of the block. Based on the interpretation of the recently acquired data along with previous seismic data, new leads have been identified at CB-ON/2, some of which could be considered for drilling once approval -- has been received for the extension beyond Phase III -- from the ministry.
==>ONGC is the licensee of the block. Readers would note that the GSPC-led consortium struck oil in their second exploratory well in the block -- dubbed Tarapur-P -- in March 2006. Prior to Tarapur-P, the company found oil in its first exploratory well -- Tarapur-1-- at the rate of 10 m3/day between 1,487 and 1,492 metre intervals. In all, nine wells have now been drilled in the onland block. The wells are: T-1, T-P, TS-4, TS-5, TS-1, TS-2, T-6, T-7 and TD-3. The last well TD-3 was drilled to a total vertical depth (TVD) of 1,900 meters. GSPC has utilized the services of Dalma Energy rigs MR-1 and DR-1 to undertake its exploratory programme.
From Indian Petro Daily Bulletin (Dec. 30)
GSPC allots KG20 well to Essar Oilfields for drilling
ReplyDeleteMonday, 07 Sep 2009
Essar Wildcat, the semi-submersible rig of Essar Oilfields Services Limited has successfully completed the first well at the KG Basin location for GSPC, with the actual drilling time being well ahead of schedule. Further to this Gujarat State Petroleum Corporation has allocated its second well at KG 20 to EOSL for drilling. Essar Wildcat, the semi submersible rig of EOSL has now moved to this second well and has anchored up and is ready to drill for.
Mr A R Ramakrishnan Director of ESPLL said that “We are now fully anchored up at the new location and we are in the process of commencing drilling activities.” He mentioned that the contract with GSPC would go on till mid 2010. The rig is currently anchored in water depths of approx 500 meters.
Mr Ramakrishnan mentioned that while at KG 19, the rig had drilled to its target depth of 5400 meters and is expected to do the same at its new location. In addition, Essar Wildcat had received excellent HSE recommendations on an independent audit conducted by IRCA.
Mr Ramakrishnan further mentioned that EOSL currently has a fleet of 13 land rigs, with capacities varying from 250 HP to 2,000 HP and one semi submersible rig. The land rigs are employed at various locations within and outside India, including in Brazil. The Essar Group, with interests ranging from steel and shipping to refining, is sharpening its focus on the offshore oil field services business.
Mr Ramakrishnan said that “We have contracted with ABG to build two Jack Up rigs that are expected to join our fleet within December 2011. The company is procuring two jack-up rigs at a cost of USD 440 million from ABG Shipyard. As we move ahead, we will decide on acquiring other assets.”
After a slight dip in rates following the economic slowdown, the daily charter rates for jack-up rigs are again beginning to rise. The rates for deepwater rigs continue to be firm. As the company moves ahead, it plans to tap the offshore and onshore drilling markets within and outside India on a larger scale. It is currently looking at various opportunities in the onshore and offshore drilling space in several geographical regions, including Latin America, West Asia, Africa and Far East Asia.
http://steelguru.com/news/index/2009/09/07/MTEwNTEw/GSPC_allots_KG20_well_to_Essar_Oilfields_for_drilling.html