GeoGlobal Resources Inc. provided an update on its Israel Blocks.
347/Myra and 348/Sara
The Noble Homer Ferrington (DW semisub) drilling rig is currently working in the Levantine Basin in Israel and upon completion of the current well, will be immediately mobilized to the Myra-1 location. The rig will be available by the first week of May. As such, the Israel Petroleum Commissioner's Office has granted an extension for the commencement of drilling of the first well on the Myra and Sara Licenses until June 15, 2012. Drilling of the second well will commence upon completion of the first well. The commencement of drilling these two wells within these time frames will meet the required commitments under the Licenses.
The Company has completed the processing of 17 square miles (43 square kilometers) of ocean bottom cable 3D seismic data in the Samuel License and has filed a summary interpretation report with the Israel Ministry of National Infrastructure ahead of the April 1, 2012 deadline. Interpretation of the seismic data continues in order to file the prospect report by June 1, 2012. The processing and interpretation of this seismic data will allow the Company to finalize drilling decisions on this license which we anticipate will commence before the end of 2012.
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