CRIST, RICHARD P.
GLOBEX had a well defined strategy from the beginning and the results illustrate one of the ways that a small company can compete and be successful in the international arena. The first step was to use the farm in process to become involved in a property that would have near term production. This project was in West Africa in the offshore area of Equatorial Guinea. The field in question is called Alba and is a gas/condensate accumulation with significant exploration upside in the remainder of the block. Gas reserves in excess of one TCF are present together with the possibility of oil accumulations in the 30 to 80 MM barrel range. This block is one of the main building blocks for the Company.
The second step in the process was to become involved in Study Groups in those areas where there was exploration potential and the opportunity to join with like minded companies and thereby lower cost and risk. One such group in Australia that GLOBEX participated with resulted in the discovery of the Stag Field, offshore Northwest Shelf. This field will commence production in January of 1998 at a rate over 30,000 BOPD with GLOBEX having a 12.5% working interest.
Development of projects in-house is the next step on the strategy ladder. GLOBEX now operates two exploration blocks, one in the Philippines and one in southeast Australia. In addition, the Company is continuing to review new opportunities in other areas of the world where our expertise can be utilized to the fullest extent.
As GLOBEX continues to grow, the same philosophies that have built the Company to it's present day position will be important in continuing the function of building shareholder value. The most exciting part is yet to come, with new projects coming on line, the possibility of a public offering and the opportunity to look at new and bigger plays in the world arena. GLOBEX finds itself in an enviable position and looks to continue it's past success in the future.
AAPG Search and Discovery Article #90936©1998 AAPG Southwest Section Meeting, Wichita Falls, Texas