Business
Geo-Fluids Plc Posts N544 Million Profit
Chairman of Geo-Fluids Plc, Chief Odoliyi Lolomari has said that despite challenges the company’s profit after tax for the 2008 trading year was N544 million.
Chief Lolomari said this recently at the 7th Annual General Meeting of the company, held at Hotel Presidential, Port Harcourt.
He said that the global contraction of demand arising from the crash of crude oil prices in the international market 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 escalation of violence and insecurity in the Niger Delta region of the country which further depleted exploration funding capacity of the Nigerian government and discouraged development of new production fields.
However, despite these challenges he said the company obtained an appreciable result for the year under review.
For instance, Chief Lolomari noted that geo-fluids expanded its mud plant capacity from 7500 bbls to 22,000 bbls which is an indication that the company could handle more complex and longer exploration operation.
Besides, he noted the company has standard marine and oil industry equipment such as wellhead tubing and casing spool, ocean going vessels as well as a modern mud lab for seismic analysis.
Thomas Abbey