GTO is a relatively new UK based North Sea Exploration company. Its Board consists of four highly experienced energy professionals, all of whom have spent their respective working lives in the oil and gas business, generally working for large multi-nationals.
The advent of the new-style Promote short-term low cost licence, and the adoption of the Fallow Acreage Initiative by the UK's. DTI have given small fast-moving companies like GTO a new opportunity.
Over the last 3-4 years GTO has assembled a portfolio of licence blocks in the UK and Netherlands sectors of the North Sea, by a combination of using the Board members respective expertise to explore mature but, largely overlooked areas utilising modern internationally developed techniques and also by acting as "outsource explorationists" for others in return for licence interests.
The GTO strategy is now to seek to monetise its existing interests by raising additional outside capital to develop the more near-term of the existing assets and to widen the portfolio beyond existing areas of interest.
GTO is actively pursuing two additional opportunities as we start 2009 to take advantage of the current period of uncertainty and position itself for the upturn.
