GeoGlobal Reports Disappointing Results from Myra-1 Well

Source: www.gulfoilandgas.com 9/6/2012, Location: Middle East

GeoGlobal Resources Inc. announced that the Myra-1 well reached a final Total Vertical Depth Subsea (TVDSS) of approximately 5,200 metres. Based on logging performed during the drilling, sands were encountered in the Miocene but they appeared to be water saturated and no significant quantities of hydrocarbons were detected.

GeoGlobal and its partners in the well have decided to perform wire line logging at a total cost of US$1.7 million to definitively determine the presence of any hydrocarbons in the well and to gather geological information with respect to the Myra license which may also prove useful with respect to making future drilling decisions at both the Myra and Sara licenses. Following the completion of wire line logging, the Noble Homer Ferrington semi-submersible drill rig will be moved to the Sara-1 location, which the Company expects to happen by the end of September.

"We sidetracked this well in response to a previous loss of circulation event," said Paul B. Miller, President and CEO of GeoGlobal. "Although no significant hydrocarbons were detected, the sidetracking was successful in drilling through the major geological markers in the basin. This information is critical to further refining our geological model for the block and the basin as a whole. We believe there are other potential gas targets at Myra, as well as the Myra High potential oil target that we have yet to evaluate. The Company will use the information it has gained through the sidetrack to further evaluate the potential in Myra and to refine the existing geological model for the Sara-1 location. The Company is looking forward to continuing its exploration program in Israel."

The Sara-1 location is approximately 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 TVDSS and is anticipated to take approximately 50 days to drill.


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