GeoGlobal Provides Update on Sara-1 Exploration Drilling
CALGARY, ALBERTA, Oct 22, 2012 (Menafn - MARKETWIRE via COMTEX) --GeoGlobal Resources Inc. ("GeoGlobal" or the "Company") (nyse mkt:GGR) GGR today announced that the Sara-1 explorationwell has reached a final Total Vertical Depth Subsea of 3,928 meters.Based on the cutting samples and logging performed during thedrilling, the Company encountered approximately 98 meters of highquality reservoir sands in the lower Miocene / upper Oligocene whichhad good porosity and permeability. Although there were indicationsthat gas has migrated through the system, the sands are wet with nocommercial quantities of hydrocarbons present.
Wire line logs confirmed residual gas saturation in the reservoirsuggesting hydrocarbon migration through the high quality sands.GeoGlobal is in the process of abandoning the Sara-1 explorationwell, which is expected to be completed by the end of October, atwhich point the Noble Homer Ferrington semi-submersible drill rigwill be released.
"We completed the drilling of Sara-1 exploration well within theplanned budget and timelines," said Paul B. Miller, President and CEOof GeoGlobal. "The result from the well did not meet our expectationsbut we believe there are additional prospects in the Myra and Saralicenses and the basin. The Company will use the information it hasacquired through these drilling operations to further refine thegeological model and evaluate the other potential targets in Myra andSara in conjunction with its partners. Having completed the workprograms in Myra and Sara the Company is now qualified as a DeepWater Operator in Israel. We intend to use this qualification to openup new opportunities to us in the basin and abroad."
GeoGlobal Resources Inc., headquartered in Calgary, Alberta, Canada,is a U.S. publicly traded oil and gas company, which, through itssubsidiaries, is engaged in the pursuit of petroleum and natural gasin high potential exploration targets through exploration anddevelopment in India, Israel and Colombia.
Cautionary Statement For Purposes Of The "Safe Harbor" Provisions OfThe Private Securities Litigation Reform Act Of 1995.
This press release contains statements which constituteforward-looking statements within the meaning of the US PrivateSecurities Litigation Reform Act of 1995, including statementsregarding the plans, intentions, beliefs and current expectations ofGeoGlobal Resources Inc., its directors, or its officers with respectto the oil and gas exploration, development and drilling activitiesbeing conducted and intended to be conducted and the outcome of thoseactivities on the exploration blocks in which the Company has aninterest. The Company updates forward-looking information related tooperations, production and capital spending on a quarterly basis andupdates reserves, if any, on an annual basis.
We caution you that various risk factors accompany ourforward-looking statements and are described, among other places,under the caption "Risk Factors" in our Annual Reports on Form 10-K,Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K.These risk factors could cause our operating results, financialcondition and ability to fulfill our plans to differ materially fromthose expressed in any forward-looking statements made in this pressrelease and could adversely affect our financial condition and ourability to pursue our business strategy and plans. If our plans failto materialize, your investment will be in jeopardy.
An investment in shares of our common stock involves a high degree ofrisk. Our periodic reports, which we file with the Securities andExchange Commission and Canadian provincial authorities may be viewedat http://www.sec.gov and www.sedar.com.
GeoGlobal Resources Inc.
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SOURCE: GeoGlobal Resources Inc.
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