GeoGlobal rises from the dead at Tarapur
Like a corpse rising from the dead, troubled Canadian explorer GeoGlobal Resources is alive and kicking - cashing in on production from GSPC-operated CB-ON/2 or the Tarapur block amid a bitter feud with disputed new owner Arizona-based Key Capital.
Anytime next month (September) company founder/director Jean-Paul Roy is expected at the GeoGlobal guest house/office in Gandhinagar's Sector 7A for a Board meeting with fellow director B. Mohapatra who was re-appointed country manager in April.
Also expected is ILDC-Energy Ltd (Israel Land Development Company) which shares three E&P licences in Israel with GeoGlobal and is the company's single largest shareholder holding 32%. "Most likely ILDC will induct itself onto the Board," speculates a source.
"They want to ensure GeoGlobal is in good shape." By all accounts it is.
After eight years Tarapur finally began pumping out 900 b/d from eight wells this month (August) sold to IndianOil against high-grade Nigerian Bonny Light ($41.7/barrel on 26 August) netting GeoGlobal around $7500/day from its 20% stake - money deposited straight to its account at Axis Bank in Gandhinagar. "After cash-calls, operating costs and salaries there's little left," admits a source.
"But GSPC is happy GeoGlobal can meet cash calls." Ambitions are high: by end-December GeoGlobal expects to have enough cash to pay an estimated $400,000 to KPMG to re-list in New York where it was unceremoniously removed on May 2, 2013.
