GeoGlobal Resources has concluded the terms of the Assignment Agreement, which has been signed with a third party and has acquired the rights and obligations of the assignment of the third party for a current Drill Rig and Associated Services Contract for a drilling rig, which is semi-submersible.
The Noble Homer Ferrington is a fourth generation semi-submersible drill rig, which has an improved Pacesetter design. This rig has the ability to drill in water depths of up to 2,100 m. The company will be getting this drill rig on or after December 1, 2011.
The CEO and President of the company, has stated that the company has completed this agreement. The Homer Ferrington drill rig is an extremely efficient rig for drilling to the depths. This drill rig is capable of performing any required testing and logging. This contract has taken another step towards the beginning of the drilling program of its first well at Sara and Myra licenses.