GEMXX Corporation and Latin Energy Partners Sign Definitive Agreement to Drill 4 Test Wells in Latin America

Rhea-AI Summary

GEMXX (OTC: GEMZ) has signed a Definitive Agreement with Latin Energy Partners (LEP) to drill four test wells in Latin America. The partnership, led by former ONGC Chairman Dinesh Kumar Sarraf, aims to identify and develop large-scale oil fields. This initiative represents GEMXX's strategic move into the energy sector, promising diversification and growth. Sarraf's leadership and his team's expertise are anticipated to drive the success of the project. Drilling is set to start in the coming months, with results expected to reveal significant oil potential.

Positive

• GEMXX is diversifying into the energy sector, which could open new revenue streams.
• The partnership with Latin Energy Partners involves drilling in a highly promising geological formation.
• Leadership by Dinesh Kumar Sarraf, who has extensive experience and has managed assets valued over $15 billion.
• Potential to identify and develop large-scale (500-million to 3-billion+ barrel) oil fields.
• The project aims to unlock significant value for shareholders.

Negative

• The success of the project is uncertain and hinges on the results of the test wells.
• Initial high costs are associated with drilling and exploration, which may impact short-term financials.
• Dependence on the expertise of a few key individuals, which could pose a risk if they leave or underperform.

LAS VEGAS, June 04, 2024 (GLOBE NEWSWIRE) -- via IBN - GEMXX Corporation ( OTC: GEMZ ) ("GEMXX" or the "Company"), is pleased to announce it has signed a Definitive Agreement with Latin Energy Partners (LEP) to drill four test wells in a highly promising geological formation in Latin America. This strategic venture marks a significant milestone in GEMXX's expansion into the energy sector, demonstrating its commitment to diversification and growth.

The project will be led by Dinesh Kumar Sarraf, the former chairman and managing director of India’s premier exploration and production company, Oil and Natural Gas Corporation Ltd (ONGC). Under Mr. Sarraf's visionary leadership, ONGC executed numerous international ventures and managed assets valued over $15 billion. His extensive experience and strategic acumen are now guiding LEP towards identifying and developing giant (500-million barrel) and super-giant (3-billion+ barrel) oil fields that have been previously overlooked in Latin America.

"We are thrilled to collaborate with Latin Energy Partners and leverage Mr. Sarraf's unparalleled expertise in the oil and gas industry," said Richard Clowater, CEO of GEMXX Corporation. "This partnership aligns with our strategic goals of resource diversification and capitalizing on high-potential opportunities in the energy sector. The drilling of these test wells is a crucial step towards unlocking significant value for our shareholders."

Mr. Sarraf's team is comprised of distinguished energy industry experts who have been actively involved in global oil and gas exploration for decades. Their collective expertise will be instrumental in ensuring the success of this project, from the initial drilling phase to potential full-scale production.

"Our team is excited to embark on this new venture with GEMXX Corporation," said Mr. Sarraf. "The geological formation we are targeting holds substantial promise, and we are confident that our combined efforts will yield significant results. This project exemplifies the innovative and collaborative spirit needed to address the global energy demand."

The drilling of the four test wells is expected to commence in the coming months, with results anticipated to provide valuable data on the region's oil potential. GEMXX Corporation and Latin Energy Partners will continue to update stakeholders as the project progresses.

ABOUT LATIN ENERGY PARTNERS
Latin Energy Partners is an emerging leader and an independent E&P company involved in exploring significant hydrocarbon reserves in Latin America, one of the world’s underexplored hydrocarbon regions. LEP’s endeavors are supported by comprehensive intellectual property and a robust understanding of the regional geological landscape.

Latin Energy Partners positions itself to be a potential leader in “Oil Assets” in Latin America and is committed to sustainably and responsibly developing natural resources by employing techniques that are friendly to the environment and society at large.

For more information, visit Latin Energy Partners

ABOUT GEMXX CORPORATION
GEMXX Corporation (OTC: GEMZ; $GEMZ) is a publicly traded, mine-to-market gold, gemstone and jewelry producer with global reach. GEMXX controls each stage of its production including gemstone production, jewelry manufacturing and global distribution. 

The company is strategically expanding its business model to include private equity funding for the exploration of potential giant and super-giant oil fields in Latin America. This new business channel represents a calculated move to identify rare, overlooked or underexplored basins believed to contain substantial oil reserves.

With a global reach and a steadfast commitment to excellence and innovation, GEMXX Corporation is well-positioned to navigate the evolving market landscape and drive long-term success for our shareholders.

For more information, visit: GEMXX Corporation

SAFE HARBOUR STATEMENT

This press release contains forward-looking statements intended to qualify for the safe harbor from liability established by the U.S. Private Securities Litigation Reform Act of 1995. These statements include words such as “believes,” “expects,” "anticipates," and “plans,” and involve risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, our ability to innovate and adapt to industry changes, expand our customer base, compete effectively, maintain financial stability, and manage public market dynamics. Forward-looking statements are made as of the date hereof, and we disclaim any obligation to update any forward-looking statements.

Signed, /S/ Richard Clowater, CEO 
GEMXX Corporation

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FAQ

What agreement did GEMXX sign with Latin Energy Partners?

GEMXX signed a Definitive Agreement with Latin Energy Partners to drill four test wells in Latin America.

Who is leading the drilling project for GEMXX and Latin Energy Partners?

The project is led by Dinesh Kumar Sarraf, former chairman and managing director of ONGC.

What are the expected benefits of GEMXX's partnership with Latin Energy Partners?

The partnership aims to diversify GEMXX's business into the energy sector and unlock significant value by identifying large-scale oil fields.

When will GEMXX and Latin Energy Partners start drilling the test wells?

The drilling of the four test wells is expected to commence in the coming months.

What is the stock symbol for GEMXX ?

The stock symbol for GEMXX is GEMZ.