Global Geo Services
From Wikipedia, the free encyclopedia
GGS (OSE: GGS) (Global Geo Services) is a Norwegian Seismic company registered on the Oslo Stock Exchange.
It has a market cap of approximately 250 Million Norwegian kroner. Outstanding shares are 60 million and the share price, as of June 2006, is 4 kroner. Now at 3.50 kroner as of Oct 06.
[edit] Operations
'GGS is a Multi-client seismic company with a low cost base. It has an extensive library of seismic data in East Timor, Iran, Syria, Equatorial Guinea and Tanzania. It is also active in the new project outside Florida.
GGS also owns 100% of Nescos, a company that produces a smart well system and a flow valve. It is believed that Nescos' products will prove valuable as oil companies need to extract more oil out of wells that have been over-produced and are filled with water.
[edit] Comments
GGS is popular among small investors in Norway who call themselves the "GGS-100 Club". The investors are referring to their belief that the stock will reach 100 kroner within a relatively short time frame. It is a typical Peak Oil stock, both in terms of the geographical location of its seismic data and the technology behind Nescos' products.
So far investors are disappointed. The stock is down 60% last 12 months (July, 2006)
