Israel: GeoGlobal preparing to spud Myra wildcat

GeoGlobal Resources Inc., Calgary, is preparing to spud the Myra-1 deepwater exploratory well offshore Israel using the Noble Homer Ferrington semisubmersible that has arrived on site.

The drillsite is in 1,500 m of water 80 km off the coast. Drilling time is estimated at 70 days to planned total depth of 5,200 m true vertical depth subsea.

Next the rig will move to the Sara-1 location in 1,400 m of water 60 km offshore. Drilling time is estimated at 50 days to 4,000 m TVDss.

GeoGlobal is operator with 5% interest in the Myra and Sara licenses. ILDC Energy and its affiliates own 41.6%, and its parent company Israel Land Development Co. has 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 & Gas Holdings Ltd. owns 13.6%.

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