GeoGlobal Spuds Sara-1 Well Off Israel

  • Business & Finance

GeoGlobal Resources Inc.announced that at 5:30 pm Israel time on September 20, 2012, the Sara-1 well was spud by GeoGlobal and its partners using the Noble Homer Ferrington semi-submersible drill rig.

The Sara-1 location is 60 kilometers off the coast of Israel, in approximately 1,400 meters of water. The Sara-1 well is planned to be drilled vertically to approximately 4,000 meters TVDSS and is anticipated to take approximately 50 days to drill.

GeoGlobal is the well operator and owns 5% of Sara, ILDC Energy and its affiliates own 41.6%, and its parent company Israel Land Development Company owns 5%. Modiin Energy LP, controlled by Tzahi Sultan and Nochi Danker’s IDB Holding Corp. Ltd., owns 29.2%, IDB directly owns 5.6%, and IPC Oil and Gas Holdings Ltd. (IPC) owns 13.6%.

Press Release , September 23, 2012;  Image: Noble

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