Geodrill was founded in September 1998, beginning with one multipurpose rig drilling in Ghana. The Company added two more rigs over the next 18 months in response to growing demand.
In 2001, Geodrill expanded into neighbouring Cote d’Ivoire and Togo. Owing to the socio- political and economic environments, those rigs were redeployed to Ghana in 2004. By 2008, the Company had expanded its fleet to 10 rigs. By the end of the year, it also expanded operations to Burkina Faso and re-entered Cote d’Ivoire, as the political climate had improved.
In 2010, due to the political instability in Cote d’Ivoire, Geodrill again redeployed its drill rigs to Ghana and Burkina Faso, and has since ceased operations in Cote d’Ivoire. The Company has maintained its market leader position in Ghana and is also well positioned in Burkina Faso.
The Company completed its IPO in December 2010, issuing 7.5 million shares at C$2.00/share. Existing shareholders also sold 12.5 million shares in a secondary offering, at the same price, although insiders continue to own 46% of the Company. Net proceeds to the Company were C$12.3 million, which are being used primarily to purchase rigs, vehicles and equipment. Geodrill ended FY 2012 with 37 rigs.