Israel grants Samuel offshore license in the Levantine Basin of the Mediterranean Sea

Source: GeoGlobal Resources

GeoGlobal Resources Inc. (AMEX:GGR) announced that the International Operating Agreement relating to the offshore Israel license known as 388 Samuel has been executed. 

As previously reported on June 16, 2010, the Israel Petroleum Commissioner's office notified a consortium, which included GeoGlobal, of the award of a petroleum license to this shallow water offshore license. 

The Samuel license covers an area of approximately 361 square kilometers and is located in the Levantine Basin. The license stretches into the Mediterranean Sea from the shoreline to a point approximately 10 kilometers off the western coast of Israel with water depths reaching approximately 100 meters. 

"We have made real progress in Israel to date on all of our licenses," stated Paul Miller, President and CEO of GeoGlobal. "With the Operating Agreement in place we can continue to move forward on the planned work program for this license and we anticipate commencing the 3D seismic program in mid-April. Executing this agreement is an important step toward increasing our activity levels in Israel." 

The Samuel license is held by a consortium of owners comprised of Adira Geo Global Ltd. (30% participating interest and Operator), Adira Oil Technologies Ltd. (23.25% participating interest), Brownstone Venture Inc. (6.75% participating interest), Pinetree Capital Ltd. (10% participating interest) and GeoGlobal (30% participating interest).



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs