Drilling of the KG#17 well commenced on August 23, 2005 from the KG#8 well platform. The well was drilled directionally to a location 2.23 kilometers to the northeast of the KG#8 discovery, intended to delineate the extent of the reservoir section tested in KG#8 and to seek to prove additional reserves below the KG#8 drilled depth of 5,061 meters total vertical depth. At the end of October, an intermediate string of 9 5/8-inch casing was set and cemented to 4,040 meters. An 8 1/2-inch hole has been drilled from 4,040 meters to a total depth of 5,601 meters (5,223 meters total vertical depth), which is approximately 160 meters vertically deeper than the KG#8 was drilled. A complete suite of modern logs have been run and the well is cased with a 7-inch liner to total depth.
GeoGlobal further announces that it has been advised by Jean Paul Roy, President and CEO of GeoGlobal, that he has transferred 1,869,000 shares of GeoGlobal common stock to family members and friends. Following this transaction, Mr. Roy owns 32,131,000 shares or approximately 50.5% of the shares presently outstanding. The shares will be restricted in further transfer until February 10, 2007 and to the extent required under applicable US Securities laws.
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