GeoGlobal Spuds Sara-1 Well

GeoGlobal Resources that at 5:30 pm Israel time on September 20, 2012, the Sara-1 well was spud by GeoGlobal and its partners using the Noble Homer Ferrington (DW semisub).

The Sara-1 location is 37 miles (60 kilometers) off the coast of Israel, in approximately 4,593 feet (1,400 meters) of water. The Sara-1 well is planned to be drilled vertically to approximately 13,123 feet (4,000 meters) TVDSS and is anticipated to take approximately 50 days to drill.

GeoGlobal is the well operator and owns 5 percent of Sara, ILDC Energy and its affiliates own 41.6 percent, and its parent company Israel Land Development Company owns 5 percent. Modiin Energy LP, controlled by Tzahi Sultan and Nochi Danker''s IDB Holding Corp. Ltd., owns 29.2 percent, IDB directly owns 5.6 percent, and IPC Oil and Gas Holdings Ltd. (IPC) owns 13.6 percent.

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