GeoGlobal starts drilling offshore Israel

Projects and Operations - June 26, 2012

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GeoGlobal Resourceshas provided anoperational update on its Israeli operations and its preparations to spud its first well offshore Israel.

On June 21, 2012, the Noble Homer Ferrington Semi-submersible drill rig (NHF) arrived at the Myra-1 location and final preparations are being undertaken to commence drilling the Myra-1 well in the next few days.

"We are excited to commence the drilling of our first deep water offshore well in the already prolific Levantine Basin off the coast of Israel," said Paul B Miller, President and CEO of GeoGlobal.

"Our facilities and personnel are ready to begin drilling which is the first step in unlocking the value in these licenses."

The Myra-1 location is approximately 80km off the coast of Israel, in approximately 1,500m of water. The Myra-1 well will be drilled vertically to an approximate total depth of 5,200m Total Vertical Depth Subsea (TVDSS) which is anticipated to take approximately 70 days.

Upon completion of the Myra-1 well, the NHF will move to the Sara-1 location, which is approximately 60km off the coast of Israel, in approximately 1,400m of water. The Sara-1 well planned to be drilled vertically to approximately 4,000m TVDSS and is anticipated to take approximately 50 days to drill.

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