GEMXX (OTC: GEMZ), a well-established mine-to-market gem company, has announced its strategic expansion into private equity funding for oil and gas (O&G) exploration ventures. With a robust global network and several newly formed strategic alliances, GEMXX aims to finance the exploration of large oil reserves, focusing on giant fields with 500 million barrels and super-giant fields with over 3 billion barrels, primarily in Latin America.
This move aligns with GEMXX’s strategy to pursue onshore O&G exploration opportunities that offer moderate risk and high potential returns. The company is targeting historically neglected and significantly underexplored basins, which, based on thorough research, are believed to contain substantial untapped oil reserves. By leveraging its extensive network in the O&G sector, which includes major global industry players, GEMXX plans to form strong strategic partnerships and secure the necessary funding to accelerate these exploration efforts.
GEMXX is close to finalizing negotiations to obtain financing for a bold four-well wildcat drilling program aimed at discovering significant O&G reserves. This shift towards private equity funding marks a strategic expansion for GEMXX, aiming to establish a significant presence in the global energy sector and maximize shareholder value through potentially high returns on investment.
According to McKinsey & Company, investments in the energy sector are projected to be $1.5 trillion in 2024, with expected growth to between $2.0 and $3.2 trillion by 2040 – an increase of 35% to 120%. Key factors driving this growth include a renewed focus on affordability, reliability, industrial competitiveness, emission reduction, and variability in energy system modernization across different countries and regions.
In addition, GEMXX recently announced leadership changes following the retirement of Founder Jay Maull. Richard Clowater has been appointed as the new Chief Executive Officer (CEO) and Chairman of the Board. The company also welcomed Deane Preston to its Board of Directors, effective May 15, 2024. Preston, known for his distinguished career in electrical infrastructure planning, installation, and management, is expected to bring valuable insights and leadership to the GEMXX team.
