Our
Mission To
generate industrial progress in harmony
with the enviroment and social wellbeing,
developing infrastructure projects employing
advanced technologies adhering to top
international standards.
GL is developing
two different types of fuel resource development
projects, both aimed at clean thermoelectric power
generation. In the Republic of Panama, the company
holds two peat concessions along the Caribbean
coast of Bocas del Toro province, bordering with
Costa Rica. The concessions are for about 16,000
km2 each held by Changuinola Peat S. A. and Panama
Peat S. A., each
containing
an estimated potential reserve of 1,000 million
m3 of fuel grade peat averaging 10,300 Btu/lb
dry. Commercial rates for peat at the mine site
are provided by the U.S. Department of Agriculture,
by the Irish Bord na Mona quotations ex Port,
and by the published import prices for peat fuel
in Sweden exchange. They average about US$50 per
m3 FOB at a moisture content of 50%.
Peat
Fuel
The physical properties
of the peat fuel of Bocas del Toro province in Panama
have been the subject of several scientific investigations.
Generally, they have 20% more energy content than
other European peat sources. Additionally, they
contain less than 0.1% sulfur and nitrogen compounds.
This means that power generation plants consuming
this peat do not require scrubbers and other control
equipment required to satisfy international emission
standards in effect in the U.S., Europe, or by United
Nations protocols. Also, in the EEC, where coal
fired power plants are required to substitute a
percentage of their coal fuel from renewable energy
resources, this peat meets the requirements for
such renewable fuel resource and can be consumed,
after pelletizing, alongside other available coal
fuels.
Hydrocarbons
In the Republic of Peru, GL is negotiating acquisition,
exploration farm-outs and natural gas fuel supply
agreements for a variety of Lots along the Zorrillos,
Talara and Sechura basins along the coast of Northern
Peru. These basins have been exploited for over
a century for their hydrocarbon resources, mainly
light petroleum crude. Peru maintains a petroleum
refinery in the city of Talara.
Traditionally, exploration and exploitation has
centered almost exclusively on petroleum liquids.
Gaseous products associated with the liquids are
vented to the environment. Exploration wells prior
to 1998 which provided gaseous natural gas at better
than 99% dry (the target poat-refraction at the
Camisea Lot 88 site) were usually capped and not
reported to PetroPeru as a component of fuel reserves.
Since then, Olymic Oil has placed in servers a few
gas wells and is servicing gas delivery to the fishing
industry based in the Port of Paita nearby.
GL
has access to the locations and data from several
capped gas wells in the general area of Talara and
Paita, allowing the company to develop estimates
for new potential gas reserves in addition to the
recapture and exploitation of gas normally vented
to the environment, and is negotiating agreements
for their exploitation.
Metals
GL has identified commercial grade ore deposites
of ilmenite (ferrous titinate), magnetite (iron
oxide), manganese oxides, copper, and others in
Panama. In Peru, GL is evaluating installing mineral
separation plants and developing a gold prospect.
