Company re-elects directors
By Amie Brown
The Geo-fluids Plc has re-elected its directors to pilot the company's affairs at the 7th Annual General meeting of the company held recently at the Presidential Hotel, Port Harcourt.
The shareholders suggested that the company's directors should be encouraged to drive its vision.
One bonus share for every 15 unite of share for the year ended to its shareholders was also accepted.
The chairmen of the occasion, Chief Odoliyi Lolomari has given reasons for the down turn.
He said most commercial activities were affected due to the crash of currencies in the capital market.
He said despite challenges the company's project after tax for the year ended 2008 trading was N544 million.
Also affected, he said, was the global contraction of demand arising primary from the crash of crude oil price in the international market which had affected the operational environment of the company.
Presenting the company's annual report and account for 2008, the chairman observed that the situation was aggravated by the escalating violence and insecurity in the Niger Delta.
This, he said, had depleted exploration, funding capacity of the Nigerian government and discouraged development of new production fields.
Despite these challenges the company, he said, had obtained an appreciable result for the year under review.
Chief Lolomari also noted that Geo-fluids has expanded its mud plants capacity from 7,500 bbls to 22,000 bbls which is an indication that the company could handle more complex and larger exploration operation, while two new vessels have been acquired to also boost its services and production.
Beside these, he noted that the company has standard marine facility of oil industry equipment, such as well head tubing and carrying sport ocean going vessels as well as a modern mud lab for seismic analysis.
The chairman, Chief Lolomari who spoke on behalf of the directors, thanked the shareholders for their support and pledged to work hard in order to take the company to a higher level.
