GeoGlobal Provides Update on Sara-1 Exploration Drilling

Source: www.gulfoilandgas.com 10/22/2012, Location: Middle East

GeoGlobal Resources Inc. announced that the Sara-1 exploration well has reached a final Total Vertical Depth Subsea of 3,928 meters. Based on the cutting samples and logging performed during the drilling, the Company encountered approximately 98 meters of high quality reservoir sands in the lower Miocene / upper Oligocene which had good porosity and permeability. Although there were indications that gas has migrated through the system, the sands are wet with no commercial quantities of hydrocarbons present.

Wire line logs confirmed residual gas saturation in the reservoir suggesting hydrocarbon migration through the high quality sands. GeoGlobal is in the process of abandoning the Sara-1 exploration well, which is expected to be completed by the end of October, at which point the Noble Homer Ferrington semi-submersible drill rig will be released.

"We completed the drilling of Sara-1 exploration well within the planned budget and timelines," said Paul B. Miller, President and CEO of GeoGlobal. "The result from the well did not meet our expectations but we believe there are additional prospects in the Myra and Sara licenses and the basin. The Company will use the information it has acquired through these drilling operations to further refine the geological model and evaluate the other potential targets in Myra and Sara in conjunction with its partners. Having completed the work programs in Myra and Sara the Company is now qualified as a Deep Water Operator in Israel. We intend to use this qualification to open up new opportunities to us in the basin and abroad."


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