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.