GeoGlobal Resources Inc. announced that the International Operating Agreement relating to the offshore Israel license known as 388 "Samuel" has been executed.
As previously reported on June 16, 2010, the Israel Petroleum Commissioner's office notified a consortium, which included GeoGlobal, of the award of a petroleum license to this shallow water offshore license.
The Samuel license covers an area of approximately 361 square kilometers and is located in the Levantine Basin. The license stretches into the Mediterranean Sea from the shoreline to a point approximately 10 kilometers off the western coast of Israel with water depths reaching approximately 100 meters.
"We have made real progress in Israel to date on all of our licenses," stated Paul Miller, President and CEO of GeoGlobal. "With the Operating Agreement in place we can continue to move forward on the planned work program for this license and we anticipate commencing the 3D seismic program in mid-April. Executing this agreement is an important step toward increasing our activity levels in Israel."
The Samuel license is held by a consortium of owners comprised of Adira Geo Global Ltd. (30% participating interest and Operator), Adira Oil Technologies Ltd. (23.25% participating interest), Brownstone Venture Inc. (6.75% participating interest), Pinetree Capital Ltd. (10% participating interest) and GeoGlobal (30% participating interest).
