Geofluids Targets Nigeria Exchange, Offshore For Share Listings

The chairman and chief executive officer of Geofluids Plc, Jacob Esan, has said the company is preparing to list its shares on the Nigerian Exchange Limited and other international offshore stock exchanges.

Esan disclosed this in a statement made available to journalists in Abuja yesterday, noting that Geofluids’ shares are currently listed and actively traded on the NASD Over-the-Counter board.

He said the proposed migration to NGX and foreign bourses is part of a broader strategy to unlock value and reposition the oil and gas services firm for long-term growth.

A market analyst’s report on the company stated that the stock, which trades around N5.50 on the OTC market, has significant upside potential if Geofluids succeeds in becoming fully listed on a non-OTC exchange.

The report noted that even if the company remains on the OTC market, investors could still benefit from hidden market value opportunities driven by its evolving business direction.

A review of the stock’s performance shows that, excluding outliers, Geofluids’ share price ranged between N1.62 and N5 within the year, marked by high volatility, episodic liquidity and event-driven swings typical of Nigerian small-cap energy stocks.

Geofluids operates in the oil and gas sector and was initially established to supply drilling mud, barite, bentonite and calcium carbonate, alongside engineering, marketing and project management services.

The company quickly built a reputation in the industry, attracting elite clients before suffering a downturn that eroded shareholder value and left it mired in a commercial logjam.

Esan said shareholders later agreed to transfer the company to him under mutually agreed terms, following the abandonment of an earlier revival plan.

He noted that over several years, the business underwent multiple restructurings before emerging stable, though with thin operating cash flow.

According to Esan, Geofluids is implementing a “bold and ambitious turnaround strategy” aimed at restoring value and placing the firm among industry leaders.

He said a key plank of the strategy is the expansion into bitumen and hydrocarbon exploration and extraction.

He also disclosed that Geofluids is now run by a new, agile board with broad experience across energy, finance, law, governance and strategic investments.

Financial data over the past 13 years indicate that the company has transitioned to a more stable cash flow profile, following a history of operating losses.

Operating cash flows, which were negative in the early years, turned positive from 2018, peaking at N35.51 million in 2022 and remaining strong at N34.34 million in 2024.

Despite large inflows of N3.81 billion in 2013 and N1.13 billion in 2024, end-period cash balances remained modest, reflecting a tight liquidity and reinvestment-driven growth approach.