GSPC Gets Green Light to Develop 6 Wells on Tarapur Field

GeoGlobal Resources announced that pursuant to the previous May 4, 2009 Management Committee Meeting, approval of the Tarapur 1 field development plan for six wells was received. An independent engineering report for those six wells states that GeoGlobal reports total proved developed non-producing oil reserves of 1.753 MMSTB (million stock tank barrels) at December 31, 2008. The Company's participating interest share of these proved reserves is 14% or 0.245 MMSTB.

As at July 16, 2009, there are eleven additional wells which are drilled, tested and awaiting tie-in to the oil tank storage facilities. Gujarat State Petroleum Corporation as operator is currently in the process of preparing and filing the necessary declarations of commerciality and field development plans pursuant to the provisions of the Production Sharing Contract in order to bring these additional eleven wells within the Tarapur 1 Discovery Area onto production.

As previously announced, first production from three discovery wells (Tarapur 1, Tarapur P and Tarapur 5) commenced in May with gross production for the month of May being 8,155 Bbls of oil and 3.6 MMscf of natural gas.

Average gross production for the month of June from these three wells was approximately 466 Bbls/d of oil and 0.42 MMscf/d of natural gas for total gross production for the month of 13,970 Bbls of oil and 12.5 MMscf of natural gas. The Company's participating interest share of this production is 14%.