GeoGlobal Announces Commencement of Drilling Program Offshore Israel

GeoGlobal Resources GGR today provides an operational update on its Israeli operations and its preparations to spud its first well offshore Israel. 347/Myra and 348/Sara On June 21, 2012, the Noble Homer Ferrington Semi-submersible drill rig ("NHF") arrived at the Myra-1 location and final preparations are being undertaken to commence drilling the Myra-1 well in the next few days. "We are excited to commence the drilling of our first deep water offshore well in the already prolific Levantine Basin off the coast of Israel," said Paul B. Miller, President and CEO of GeoGlobal. "Our facilities and personnel are ready to begin drilling which is the first step in unlocking the value in these licenses." The Myra-1 location is approximately 80 kilometers off the coast of Israel, in approximately 1,500 meters of water. The Myra-1 well will be drilled vertically to an approximate total depth of 5,200 meters Total Vertical Depth Subsea ("TVDSS") which is anticipated to take approximately 70 days.