Geo-Fluids to boost share capital by N2b, offers bonus issue

Managing Director of the company, Dr Ala Ibanibo, also explained yesterday during Geo-Fluids yealy general meeting that the recently acquired two new vessels in line with its ongoing expansion agenda.

Ibanibo explained that despite stiff competition challenges in the economy, the company in 2008, acquired, improved and commissioned new operation facility at Government Reservation Area (GRA) in Port Harcourt

Other major achievement, according its Chairman, Chief Odoliyi Lolomari, is expansion of mud plants capacity from 7500bbls to 22,000bbls, “indicating our readiness to handle more complex and larger exploration operation”.

He also told shareholders that the company developed and expanded warehouse facilities at East-West Road, Port Harcourt.

Shareholders also approved the payment of rights issue of one for fifteen

For the financial year ended December 31, 2008, Geo-Fluids declared N2.9 billion turnover as against N1.2 billion recorded in 2007.

Shareholders fund also increased from N1.6 billion in 2007 to N6.3 billion within the period under review.

The company said it also diversified its operations as part of measures to face various challenges in the oil and gas sector of the nation’s economy.

Information made available explained that within the period, gross profit went up from N869.5 million in 2007 to N1.6 billion in 2007 while profit after tax stood at N544.4 million in 2008 as against N373.9 million in 2007.

In August, the company said it commissioned a branch in Ghana, adding that plans are underway to debut in Angola, Gabon, Cameroon, among others, in line with the company’s policy of becoming a “truly international company.”

The company is involved in the business of mud engineering, wellhead sales and engineering and marine services.

It was incorporated in October 10, 1994 as a limited Liability Company. The name was changed to Geo-Fluids Plc on August 16, 2008.

“The company is committed to keeping employees fully informed as much as possible regarding the company’s performance and progress and seeking their views on practical matters, which particularly affect them as employers.