Geoglobal Signs Drilling Contract on Israel Licenses

Source: www.gulfoilandgas.com 3/9/2011, Location: Middle East

GeoGlobal Resources Inc. (GeoGlobal) announced that as Operator of the Myra and Sara offshore licenses in Israel, it has entered into a drilling services agreement with Exceed Deep Water Drilling Specialists (Exceed).

"Bringing Exceed onboard allows GeoGlobal and its partners to confidently move forward with the drilling program on our Myra and Sara licenses," said Mr. Paul Miller, President and CEO of GeoGlobal. "Exceeds experience further enhances our team's geological and geophysical abilities and provides a solid framework to complete the design and execution of the deepwater program. Israel is a great opportunity for GeoGlobal and a major focus. Executing on a preliminary drilling program in these licenses remains a near-term priority for the Company."

Exceed will proceed with the necessary engineering, commercial and critical logistical arrangements and undertake any preparatory work involved with the drilling campaign on both the Myra and Sara licenses. To date, a 400 square kilometer 3D seismic program has been acquired and processed on each license.

"We are eager to begin work on our new venture with GeoGlobal and are excited by the opportunity to participate in the exploration of an emerging new deepwater basin," stated Al Brockie, Project Manager of Exceed. "Our mission is to ensure that our client GeoGlobal and their partners are delivered a quality wellbore at the lowest cost of access."


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