Deal creates new Israel-based operator

Offshore staff

CALGARY, Canada – GeoGlobal Resources (NYSE MKT:GGR) has an agreement to sell 90% of the issued shares of its Israeli E&P subsidiary to a private Israeli investment group.

In exchange for the 90% purchase of GeoGlobal Resources (Israel), the company would receive an investor’s loan of $775,000 to repay shareholder loans to GeoGlobal.

The subsidiary does not hold any of the interests in the Myra, Sara, or Samuel licenses offshore Israel, which are held by other GeoGlobal subsidiaries.

Paul B. Miller, president and CEO of GeoGlobal Resources, said: “Through this deal we have pulled together expertise to execute exploration programs and make an Israeli-based operator.

“We have brought together the owners of the Israeli Shipyards Ltd. led by Shlomi Fogel to provide shore base and logistics support; the proven engineering and drilling expertise led by Ken Stanley that has been part of the existing major discoveries in Israel; and the geology and geophysics expertise and local experienced staff of GGR. The combination of the three owners brings the key elements together for a well balanced team to execute on exploration programs in Israel.”


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