The two companies have defined the terms to jointly drill four test wells in a promising geological formation in a Latin America country
GEMXX negotiates terms for landmark oil and gas exploration and development agreement. (Credit: John R Perry from Pixabay)
GEMXX Corporation (OTC: GEMZ) (“GEMXX” or the “Company”), GEMXX Corporation is strategically expanding its business model to include a significant partnership with Latin Energy Partners Inc. (“LEP”). The two companies have defined the terms to jointly drill four test wells in a promising geological formation in a Latin America country. This partnership is a landmark move for both entities in their oil exploration and development pursuits.
LEP is guided by Dinesh Kumar Sarraf, former chairman and managing director of India’s premier E&P company, Oil and Natural Gas Corporation Ltd (ONGC). Under his visionary leadership, Mr. Sarraf has spearheaded numerous international ventures and managed assets valued at over $15 billion. His expertise and strategic insights are now steering LEP towards giant (500-million barrel) and super-giant (3-billion+ barrel) oil fields that were previously overlooked in Latin America. Mr. Sarraf is supported by a team of distinguished energy industry experts, who have actively been involved in global oil and gas exploration for decades.
“Our alliance with GEMXX provides us with the expert manpower necessary to elevate our project to global standards,” stated Mr. Sarraf. “We are setting the stage for groundbreaking developments in oil exploration.
Preliminary explorations in two target basins have been promising, revealing extensive sedimentary deposits conducive to successful oil and gas systems. Estimates suggest these basins may hold over 1 billion barrels each of recoverable oil, offering GEMXX and LEP an extraordinary chance to establish a footprint in the global oil and gas market.
“We are excited for this strategic partnership with Latin Energy Partners, which perfectly aligns with our long-term goals,” said Richard Clowater, CEO of GEMXX. “We are eager to combine our expertise to fully harness the potential of these promising basins.”
Source: Company Press Release