GeoGlobal Resources Inc. confirmed that the Company has finalized the terms of the Assignment Agreement entered into with a third party whereby GeoGlobal took assignment of the third party's rights and obligations to an existing Drill Rig and Associated Services Contract for a Semi-submersible Drilling Rig.
The Noble Homer Ferrington is a 4th Generation Enhanced Pacesetter design Semi-submersible rig capable of drilling in water depths of up to approximately 2,100 meters (7,000 feet). The rig will be available to the Company on or after December 1, 2011. "We are very pleased to announce we have finalized this contract,” said Mr. Paul B. Miller, President and CEO of GeoGlobal. "The Homer Ferrington is an extremely competent rig and will have no issue with drilling to the depths we are looking at. Further, it has the ability to execute any testing and logging that we need. The signing of this contract is yet another step forward in confirming our commitment to commence the drilling of our first well on our Myra and Sara licenses."