Geo_AGM.13.fourL-R: Geo Energy Resources CEO Dhamma Surya, non-executive director Jim Rogers, executive chairman Charles Melati, and chief investment officer Mark Zhou. agm_logo


Time & date:
9 am, 29 April 2013.

Venue: Pan Pacific Hotel.



Photos by Jonathan Theo


Jim_agm2Jim Rogers, 70, (second from left) speaking with shareholders after the AGM.NOT SURPRISINGLY, there was noticeable shareholder interest in Jim Rogers, the world-famous investor who lives in Singapore.

Shareholders seized the opportunity to speak with him after the AGM, the first AGM for Geo Energy Resources as a listed company. He obliged them and appeared in no hurry to leave.

Jim Rogers has brought an investor's perspective to the Board's discussions and he also had many fund contacts to introduce, said Mark Zhou, Geo Energy's chief investment officer, after the AGM to a shareholder and I while we all had tea.

"He has brought to our Board a vast amount of experience and in-depth knowledge of 
the global commodities market. Coupled with Jim's vast network of contacts, Geo has also benefited in terms of visibility as well being in touch with various funds," he said.

Earlier, during the AGM, a shareholder asked Jim Rogers why he joined the board of Geo Energy, which listed on the Singapore Exchange in Oct 2012. 

His reply: "I decided to come on board as these are smart people who are building a company from scratch. It's of great interest to me."

GE.Chairman_bdGeo Energy's Chairman Charles Melati (second from left), with (L-R) independent directors Ong Beng Chye and Lu King Seng, and CEO Dhamma Surya.The company owned and operated just one coal mining concession -- the BEK Mine in East Kalimantan -- last year.

Since February 2013, however, it has signed conditional agreements to acquire five mine concessions in the vicinity of the BEK Mine.

Details of the coal reserves and purchase prices have yet to be announced, and are the subject of independent investigations. 

If the agreements are completed, Geo Energy's "coal production visibility from our own mining concessions will be increased from 2017 to 2023," said Mark Zhou.

During the AGM, a shareholder asked: "The price of oil has come down. How does that affect the coal-mining business?"

Mark Zhou's reply: "We are building a business that is not short term in nature. To date we have been able to sell all the coal we have produced. We have seen continuous demand for our coal and our production has not decreased but is instead continuing to expand." 

The company achieved a revenue of US$78.8 million, up 14% year on year, and net profit of US$19.2 million, up 33% year on year.

Geo Energy has a market capitalisation of S$520 million based on a recent stock price of 45.5 cents. It is trading at 16.9X last year's earnings.



Recent stories: 

GEO ENERGY: Acquiring its 5th mining concession year-to-date
 

Jim Rogers joins board of GEO ENERGY RESOURCES, set to take stake
 

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