GeoGlobal Resources Executes International Operating Agreement

GeoGlobal Resources executes the International Operating Agreement connecting to the offshore Israel license known as 388 "Samuel".

The Israel Petroleum Commissioner's office has informed an association that includes GeoGlobal, of the receipt of a petroleum license to this superficial water offshore license as per the former report on June 16, 2010

The Samuel license spans  an area of about 361 km2 and is situated in the Levantine Basin. The license extends into the Mediterranean Sea from the shoreline to a point around 10 kilometers off the western coast of Israel with water depths reaching around  100 meters.

According to the terms of the Operating Agreement, GeoGlobal can carry on the planned work program for this license and anticipates begining the three-dimensional seismic program in mid-April. Activity levels in Israel will increase when the agreement is executed.

Adira Geo Global (30% participating interest and Operator), Adira Oil Technologies (23.25% participating interest), Brownstone Venture (6.75% participating interest), Pinetree Capital (10% participating interest) and GeoGlobal (30% participating interest) hold the Samuel license.

Source: http://www.geoglobal.com/

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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