GEMXX Corporation Negotiates Terms for a Landmark Oil and Gas Exploration and Development Agreement
On May 14, 2024, GEMXX (OTC: GEMZ) announced a strategic partnership with Latin Energy Partners (LEP) to jointly drill four test wells in a promising geological formation in Latin America. Guided by Dinesh Kumar Sarraf, former chairman of India's ONGC, LEP's leadership brings extensive experience in managing assets worth over $15 billion. Preliminary explorations have revealed significant sedimentary deposits, estimating over 1 billion barrels of recoverable oil in each of the two target basins. This partnership aims to leverage GEMXX's manpower to achieve global standards in oil exploration.
- Strategic partnership with Latin Energy Partners for joint drilling of four test wells.
- Preliminary explorations reveal promising sedimentary deposits in two target basins.
- Estimates suggest over 1 billion barrels of recoverable oil in each basin.
- Dinesh Kumar Sarraf, former ONGC chairman, brings over $15 billion in asset management experience.
- Opportunity for GEMXX to establish a strong footprint in the global oil and gas market.
- No concrete revenue or profit projections provided.
- Potential high costs and financial risks associated with drilling and exploration.
- Dependence on the success of initial test wells for further development.
LAS VEGAS, May 14, 2024 (GLOBE NEWSWIRE) -- via IBN - 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
"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."
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. Our 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: www.LatinEnergyPartners.com
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 also 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, please 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 is the significance of GEMXX 's partnership with Latin Energy Partners?
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What are the preliminary findings of GEMXX and LEP's oil exploration in Latin America?
