GeoGlobal Resources Inc. announced that the Israel Petroleum Commissioner's Office granted an extension to April 30, 2011 in order for the Company to submit a final signed contract for the retaining of a rig for the planned drilling program on the offshore Israel licenses known as 347/Myra and 348/Sara. Under the terms of the Joint Operating Agreement, the Company was to have submitted the final signed contract by March 31, 2011. GeoGlobal currently has a signed Letter of Intent and intends to complete its submission pending signing of the final contract.
"Signing the final contract will move us one step closer to drilling our first well in the region, which we still expect to happen in calendar 2011," said Mr. Paul Miller, President and CEO of GeoGlobal. "We continue to work closely with government and our partners to move our offshore Israel exploration program forward in a timely fashion."
As previously announced the Israel Ministry of National Infrastructure approved the transfer and registration of deepwater offshore licenses Myra and Sara to a consortium in which the Company has a 5% participating interest and has been designated as Operator.
The licenses each cover an area of approximately 400 square kilometers offshore Israel. The remaining participating interest is held by a consortium that consists of Emanuelle Energy Ltd. (24.161% participating interest) Emmanuelle Energy – Gas and Oil Explorations Limited Partnership (19.161% participating interest), Modiin Energy – Limited Partnership (19.282% participating interest), I.P.C. Oil and Gas (Israel), Limited Partnership (13.609% participating interest), The Israel Land Development Company Ltd. (5% participating interest), IDB Development Corporation Ltd. (5% participating interest) and Blue Water Oil & Gas Exploration Ltd. (8.787% participating interest).
