GeoGlobal Stuck at Myra-1 Well (Israel)

GeoGlobal Stuck at Myra-1 Well (Israel)

GeoGlobal Resources Inc. yesterday announced as the Operator of the Myra-1 well, that there has been a stuck pipe incident while drilling the well which could not be released.

“As we could no longer continue the drilling according to the original plan, after consultation with the partners, we decided to side-track the current hole and continue the drilling to reach the gas target,” said the company in a statement.

GeoGlobal and its partners in the Myra License, offshore Israel,  have approved an increase of US$4,000,000 to the drilling budget of the Myra-1 well and an additional seven days extension in which to complete the drilling.

GeoGlobal is the well Operator and owns a 5% interest in the Myra-1 well which is located approximately 80 kilometres off the coast of Israel in approximately 1,500 meters of water.

Press Release, August 8, 2012