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News Breaks | | | | September 14, 2012 | | 17:25 EDT |  | GGR | GeoGlobal provides operational update
GeoGlobal Resources provided an update on its recent and planned activities in Israel and India. GeoGlobal has now completed the planned wire line logging at the Myra-1 well site and confirmed that no hydrocarbons were present in the well. Log results did confirm the presence of high quality Lower Miocene sands (equivalent in age to the Tamar Sands) and gas shows, which indicates there is an active hydrocarbon system in the Myra license. Further analysis will now be conducted to assess the potential for additional drilling on the license including the potential to sidetrack the Myra-1 well which has been plugged and abandoned. The company now expects the Noble Homer Ferrington semi-submersible drill rig to be mobilized to the Sara-1 drilling location. The Sara-1 location is 60 kilometers off the coast of Israel, in approximately 1,400 meters of water. The Sara-1 well is planned to be drilled vertically to approximately 4,000 meters total vertical depth subsea and is anticipated to take approximately 50 days to drill. Drilling is expected to commence before the end of September. The Government of India recently approved a 28-month extension to the Phase-I exploration period on the KG Onshore Block. This extension allows the Oil India Limited GeoGlobal consortium until December 2014 to complete the minimum work program commitments in the block, primarily the drilling of 12 exploratory wells. If further delays occur in receiving pending environmental clearance to shoot the remaining 3D seismic or drill the exploratory wells, the consortium may apply for a further extension to the Phase-I exploration period. The consortium is also preparing a request to reduce the Minimum Work Program commitments in the KG Onshore Block if environmental clearance is denied for exploration activities in the mangrove reserved forest areas within the Block. "Although our first Israeli well did not meet our expectations, the information gathered both during drilling and through subsequent wire line logging activities will be very useful in further advancing our understanding of the regional geology and in making future drilling decisions," said Paul B. Miller, President and CEO of GeoGlobal. "We remain optimistic about our prospects in Israel and continue to make progress on initiatives across our portfolio, including India, as we strive to unlock value for stakeholders. The extension granted for the KG Onshore Block gives partners the time required to complete the planned exploration program for the Block." | |
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