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GeoGlobal Resources Inc. provides an operational update on its Israeli operations and its preparations to spud its first well offshore Israel.
347/Myra and 348/Sara
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 80 kilometers off the coast of Israel, in approximately 1,500 meters of water. The Myra-1 well will be drilled vertically to an approximate total depth of 5,200 meters 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 60 kilometers off the coast of Israel, in approximately 1,400 meters of water. The Sara-1 well planned to be drilled vertically to approximately 4,000 meters TVDSS and is anticipated to take approximately 50 days to drill.
GeoGlobal Resources Inc. is the well operator and owns 5% of Myra and Sara, ILDC Energy and its affiliates own 41.6%, and its parent company Israel Land Development Company owns 5%. Modiin Energy LP, controlled by Tzahi Sultan and Nochi Danker's IDB Holding Corp. Ltd., owns 29.2%, IDB directly owns 5.6%, and IPC Oil and Gas Holdings Ltd. (IPC) own 13.6%.
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