28 Nov 2007securities registration● Neutral
GEOGLOBAL RESOURCES INC. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2007late filing notice▼ Bad
GEOGLOBAL RESOURCES INC. notified the SEC that its quarterly report would be filed late.
18 Sept 2007securities registration● Neutral
GEOGLOBAL RESOURCES INC. filed a prospectus supplement covering resales by selling shareholders.
13 Sept 2007material agreement● Neutral
The company extended the expiry of its 2,126,000 warrants from September 9, 2007 to June 20, 2009, and did the same for the compensation options from the September 2005 offering (195,144 shares and 95,572 warrants issuable). This lets holders keep these rights for about two more years, which could mean more shares issued later if exercised.
17 Aug 2007securities registration● Neutral
GEOGLOBAL RESOURCES INC. registered a securities offering with the SEC using its shelf eligibility.
15 Aug 2007drilling progress report▼ BadMajor
GSPC, operator of the offshore KG block, is demanding that the company pay 10% of exploration costs above US$59.23 million, which GSPC puts at US$44.68 million including US$4.43 million of interest as of June 30, 2007. The company says this breaches its carried interest agreement, under which it is carried for 100% of exploration-phase costs, says it has Indian legal advice, and intends to defend its rights while talking with GSPC. This challenges the carried 5% interest described in earlier filings.
10 Aug 2007substantial holder notice● Neutral
Goodman & and 1 other disclosed a new substantial GEOGLOBAL RESOURCES INC. shareholding (6.50% of votes).
9 Aug 2007late filing notice▼ Bad
GEOGLOBAL RESOURCES INC. notified the SEC that its quarterly report would be filed late.
27 June 2007capital raising announcement▲ GoodMajor
The company completed the private placement it announced in June, selling 5,680,000 units at $5.00 each for $28,400,000 gross (more than the 5 million units first proposed) through agents Primary Capital and Jones Gable. Each unit has one share and a half-warrant exercisable at $7.50 to June 20, 2009; agents get a 6% commission and options on 340,800 shares at US$5.00. The company must file a resale registration by August 18, 2007 or issue extra units to buyers.
What it means for a shareholder
5.7m new shares at $5.00 to raise about $28.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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1 June 2007capital raising announcement● NeutralMajor
The company announced a letter agreement to offer up to 5 million units in a best-efforts private placement for gross proceeds of up to US$25,000,000. It is a proposal at this stage; completion is not stated in this filing.
What it means for a shareholder
5.0m new shares at about US$5.00 to raise about US$25.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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11 May 2007late filing notice▼ Bad
GEOGLOBAL RESOURCES INC. notified the SEC that its quarterly report would be filed late.
4 Apr 2007financial restatement▼ BadMajor
The company said its September 30, 2006 quarterly figures should no longer be relied on because stock-based compensation was miscalculated. For the three months, stock-based compensation was overstated by $1,028,925 and the net loss by $654,075, restated to a loss of $368,527 from $1,022,602 as first reported; auditor Ernst & Young concurred and an amended 10-QSB will follow.
3 Apr 2007late filing notice▼ Bad
GEOGLOBAL RESOURCES INC. notified the SEC that its annual report would be filed late.
8 Mar 2007material agreement● NeutralMajor
On March 2, 2007 the company signed four new production sharing contracts with the Government of India: a 10% interest in onshore Block 28 (KG-ONN-2004/1, operated by Oil India, with a September 2006 letter agreement allowing an increase up to 25%), 25% interests in Rajasthan Blocks 20 and 21 (with Oil India as operator, and HPCL holding 15% in Block 21 per the text), and a 100% operated interest in Block 27 (DS-ONN-2004/1) next to its existing Block 12. These add new exploration work commitments, including 12 wells on Block 28 and 20 wells across the two Rajasthan blocks in Phase I.
3 Nov 2006securities registration● Neutral
GEOGLOBAL RESOURCES INC. filed a prospectus supplement covering resales by selling shareholders.
28 Sept 2006director interest notice● Neutral
GEOGLOBAL RESOURCES INC. President and CEO Jean Paul Roy sold 5,000 shares at $5.49.
12 Sept 2006director interest notice● Neutral
GEOGLOBAL RESOURCES INC. Exec VP & CFO Allan J Kent sold 75,000 shares at $5.50.
30 Aug 2006director interest notice● Neutral
GEOGLOBAL RESOURCES INC. director Michael J Hudson exercised stock options for 40,000 shares and disposed of 60,000 shares.
24 Aug 2006director interest notice● Neutral
GEOGLOBAL RESOURCES INC. President and CEO Jean Paul Roy exercised stock options for 550,000 shares and disposed of 710,000 shares.
22 Aug 2006director interest notice● Neutral
GEOGLOBAL RESOURCES INC. director Peter Reginald Smith exercised stock options for 17,000 shares and disposed of 34,000 shares.
22 Aug 2006director interest notice● Neutral
GEOGLOBAL RESOURCES INC. Executive VP and CFO Allan J Kent exercised stock options for 550,000 shares and disposed of 630,000 shares.
21 Aug 2006director interest notice● Neutral
GEOGLOBAL RESOURCES INC. director Brent James Peters exercised stock options for 80,000 shares and disposed of 105,000 shares.
25 July 2006drilling progress report● NeutralMajor
The company announced that drilling has started on the KG#15 well on the offshore KG Block, where it holds a net 5% carried interest; it is the fifth well of the 14-well program committed under the production sharing contract. It also signed an MOU with GSPC on the Tarapur Block, where GSPC assigned it a 20% interest that still needs Indian government consent; if consent is refused, GSPC must repay the amounts the company paid within 30 days of notice. The company's share of Tarapur costs to date is about US$2.5 million, and the press release says the first phase of the KG block's exploration period expired without the 14 wells being drilled, with a further 12-month extension to March 11, 2007 recommended but still awaiting government approval as of July 21, 2006.
26 June 2006securities registration● Neutral
GEOGLOBAL RESOURCES INC. filed a prospectus supplement covering resales by selling shareholders.
20 Apr 2006securities registration● Neutral
GEOGLOBAL RESOURCES INC. filed a prospectus supplement covering resales by selling shareholders.
31 Mar 2006late filing notice▼ Bad
GEOGLOBAL RESOURCES INC. notified the SEC that its annual report would be filed late.
9 Mar 2006director interest notice● Neutral
GEOGLOBAL RESOURCES INC. director Avinash Chandra bought 7,200 shares on the open market at $8.18.
10 Feb 2006director interest notice● Neutral
GEOGLOBAL RESOURCES INC. President and CEO Jean Paul Roy gifted 1,869,000 shares.
8 Feb 2006securities registration● Neutral
GEOGLOBAL RESOURCES INC. filed a prospectus supplement covering resales by selling shareholders.
3 Feb 2006material agreement● Neutral
The company extended its Technical Services Agreement with Roy Group (Barbados) Inc., owned by President and principal stockholder Jean Paul Roy, to December 31, 2007, and raised the fee to $350,000 per year from January 1, 2006. This is a related-party contract with the company's largest shareholder.