- In an expansion of operations, GEMXX plans to finance the exploration of extensive oil reserves, specifically targeting giant fields with reserves of 500 million barrels and super-giant fields with over 3 billion barrels located primarily in Latin America
- By leveraging a comprehensive network in the oil and gas sector, GEMXX plans to develop strong strategic partnerships and secure funding to propel exploration efforts quickly
- GEMXX has also announced Richard Clowater as the new Chief Executive Officer and Chairman of the Board, and the appointment of Deane Preston to its Board of Directors, effective May 15, 2024
GEMXX (OTC: GEMZ), an established mine-to-market gem enterprise, has announced that the company is actively broadening its business framework to incorporate private equity funding for oil and gas (“O&G”) exploration ventures. With a large network of global relationships and several strategic alliances recently established, GEMXX is setting the stage to finance the exploration of extensive oil reserves, specifically targeting giant fields with reserves of 500 million barrels and super-giant fields with over 3 billion barrels located primarily in Latin America (https://ibn.fm/gi2e3).
This initiative represents the company’s strategy for onshore O&G exploration opportunities that balance moderate risk and high potential returns. GEMXX is focusing on basins that have been historically neglected and are significantly underexplored yet are believed, based on thorough company research, to contain substantial untapped oil reserves. By leveraging its comprehensive network in the O&G sector, which includes major global industry players, GEMXX plans to develop strong strategic partnerships and secure the necessary funding to propel these exploration efforts forward rapidly.
GEMXX is nearing the completion of negotiations to obtain financing for a bold four-well, wildcat drilling program designed to uncover significant O&G reserves. This move towards private equity funding marks a strategic expansion for the company, aiming to establish GEMXX’s footprint in the global energy landscape and maximize shareholder value through potentially high returns on investment.
According to McKinsey & Company, investments in the energy sector are estimated at $1.5 trillion in 2024. These investments are projected to grow, reaching between $2.0 and $3.2 trillion by 2040 – representing a growth of between 35% and 120%. Accelerators in the energy sector include a renewed focus on affordability, reliability, industrial competitiveness, emission reduction, and the variability across countries and regions on energy system modernization (https://ibn.fm/SbO7b).
GEMXX also recently announced that, with the retirement of Founder Jay Maull, Richard Clowater becomes the new Chief Executive Officer (“CEO”) and Chairman of the Board. In addition, the company is pleased to announce the appointment of Deane Preston to its Board of Directors, effective May 15, 2024. Preston, who has an illustrious career characterized by his deep expertise in electrical infrastructure planning, installation, and management, is set to bring invaluable perspective and leadership to the GEMXX team.
Richard Clowater expressed his enthusiasm about the appointment, stating, “Mr. Preston’s wealth of experience and proven track record in the energy infrastructure sector align perfectly with our strategic goals. We look forward to leveraging his expertise as we continue to drive innovation and excellence.”
For more information, visit the company’s website at www.GEMXX.com.
NOTE TO INVESTORS: The latest news and updates relating to GEMZ are available in the company’s newsroom at https://ibn.fm/GEMZ
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