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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.

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Noble Homer Ferrington to Drill Gabriella License Offshore Israel

Adira Energy Ltd. announces that Modiin Energy L.P, on behalf of the Gabriella License consortium, including Adira and Brownstone Energy, has executed a detailed drilling contract with Noble International Ltd (“Noble Drilling”). The Agreement provides for the drilling of the Gabriella License by the Noble Homer Ferrington semi-submersible rig prior to the government regulated spud date of June 30, 2013.

Jeffrey E. Walter, Chief Executive Officer of Adira Energy stated: “Another major milestone has been delivered to Adira’s shareholders with the signing of the Homer Ferrington rig contract. This will enable us to drill the highly anticipated Gabriella License which is Adira’s core asset. With over 110 million barrels of contingent oil resources, this project is important to Adira as well as a fundamental key in moving forward on the oil potential offshore Israel. The Homer Ferrington has drilled some of the most successful discovery wells in the Eastern Mediterranean including “Leviathan” offshore Israel and “Block 12” offshore Cyprus. ”

The Gabriella License is located approximately 10 kilometers northwest of Tel Aviv, in the waters offshore Israel. The block covers an area of approximately 392 square kilometers (97,000 acres) and is in water depths that range from 100 meters on the east side of the block to just over 425 meters on the southwest side of the block. Adira holds a 15% Working Interest in the Gabriella License plus a 15% back-in option from Modin Energy, to be exercised within six months of discovery, at cost.

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Ocean Rig Drillship to Drill for Chariot Offshore Namibia

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Chariot Oil & Gas Limited, the Africa focused independent oil and gas exploration company, has, together with its partner Enigma Oil & Gas (Pty) Limited, reached an agreement with Ocean Rig UDW Inc. to use the Ocean Rig Poseidon drillship for drilling of the Kabeljou (2714/6-1) well on the Nimrod prospect, offshore Namibia.

The drillship is expected to arrive on location in July 2012, after its current contract expires. The drilling operations will commence shortly after the arrival.

The Nimrod prospect is located in the Orange Basin in Southern Block 2714A where Chariot has a 25% equity interest. The Kabeljou well is expected to take approximately 2 months to drill. The drilling location is 77 km offshore Namibia in 360 metres of water with an estimated total drilling depth of 3,100 metres true vertical depth subsea (“TVDss”).

This is the second well to be drilled in Chariot’s 4 to 5 exploration well programme offshore Namibia.

Paul Welch, CEO of Chariot, commented:

“We are very pleased to be advancing with our drilling programme and eagerly anticipate the spud of the Kabeljou well with our partners. Nimrod is one of the biggest prospects due to be drilled worldwide this year and we look forward to being able to update the market with further news on this hugely significant well in due course.”

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