GeoGlobal confirms drilling rig contract

GeoGlobal Resources Inc. has finalized the terms of an 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 semisubmersible drilling rig.

Offshore staff

CALGARY, Canada – GeoGlobal Resources Inc. has finalized the terms of an 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 semisubmersible drilling rig.

The NobleHomer Ferrington is a fourth generation Enhanced Pacesetter design semisubmersible capable of drilling in water depths to approximately 2,100 m (7,000 ft). The rig will be available to the company on or after Dec. 1, 2011.

"We are very pleased to announce we have finalized this contract" said 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."

The licenses are offshore Israel.

07/15/2011

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