Past year: ▼ 50%(0.20c – 0.90c USD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Sept 2012drilling progress report● NeutralMajor
The Sara-1 well on the Sara licence offshore Israel was spud on Sept 20, 2012, in about 1,400 metres of water and 60 km off the coast, planned to reach about 4,000 metres and take about 50 days. GeoGlobal is the operator but owns only 5% of Sara (ILDC Energy and affiliates 41.6%, Modiin Energy 29.2%, IPC 13.6%, IDB 5.6%, ILDC 5%). This is the drilling the June 2012 update said was being prepared; no result is reported yet.
26 June 2012drilling progress report● Neutral
The company said on June 25, 2012 that it issued a press release updating its Israeli operations and that it is preparing to spud its first well offshore Israel. The 8-K itself gives no well name, cost, location or timing; those details are only in the press release, which is not reproduced here. This follows the company's 2010-2011 entry into the Israeli licences.
5 May 2011drilling progress report● Neutral
The company filed a May 4, 2011 press release giving an exploration update. The filing text is only a cover for the press release, and the title of the filing mentions the spud (start of drilling) of the RJ20 well and an extension to an Israel licence. The press release's content is not included, so no details, dates or amounts can be given.
15 Aug 2007drilling progress report▼ BadMajor
GSPC, operator of the offshore KG block, is demanding that the company pay 10% of exploration costs above US$59.23 million, which GSPC puts at US$44.68 million including US$4.43 million of interest as of June 30, 2007. The company says this breaches its carried interest agreement, under which it is carried for 100% of exploration-phase costs, says it has Indian legal advice, and intends to defend its rights while talking with GSPC. This challenges the carried 5% interest described in earlier filings.
25 July 2006drilling progress report● NeutralMajor
The company announced that drilling has started on the KG#15 well on the offshore KG Block, where it holds a net 5% carried interest; it is the fifth well of the 14-well program committed under the production sharing contract. It also signed an MOU with GSPC on the Tarapur Block, where GSPC assigned it a 20% interest that still needs Indian government consent; if consent is refused, GSPC must repay the amounts the company paid within 30 days of notice. The company's share of Tarapur costs to date is about US$2.5 million, and the press release says the first phase of the KG block's exploration period expired without the 14 wells being drilled, with a further 12-month extension to March 11, 2007 recommended but still awaiting government approval as of July 21, 2006.
10 June 2004drilling progress report▲ GoodMajor
A press release says the Saipem Perro Negro 3 drilling rig has arrived at the KG#1 well location in the Krishna Godavari Basin block off India's east coast, with drilling to begin after rig maintenance and testing. It is the first of an initial four-well program, and GeoGlobal has a 5% net carried interest in the well; this is the first drilling on the block acquired in the 2003 deal.
20 Mar 2002farm in farm out agreement● NeutralMajor
The company's subsidiary i5ive Communications gave Double B Holdings, LLC an option to buy the Suite101 website assets (book value $132,000 at Sept 30, 2001) for $155,000 less the non-refundable option payments ($15,000, plus $30,000 if extended), plus a 26% stake in Double B and a 5% stake in Blue Frogg Enterprises held by Double B. The option expires May 14, 2002 and follows the wind-down of staff and the Marketeam arrangement; it is a possible sale of the company's website business.
