UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities
Exchange
Act of 1934 (the "Act")
December
28, 2006
(Date
of earliest event reported)
GEOGLOBAL
RESOURCES INC.
(Exact
name of Registrant as specified in its Charter)
|
Delaware
(State
or other jurisdiction of
incorporation
or organization)
|
1-32158
(Commission
File
Number)
|
33-0464753
(I.R.S.
Employer
Identification
No.)
|
310,
605 - 1St
Street S.W.
Calgary,
Alberta, Canada T2P 3S9
(Address
of principal executive offices)
Telephone
Number (403) 777-9250
(Registrant's
telephone number, including area code)
|
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any
of the following provisions:
|
|
|
[ ]
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
[ ]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
(Former
name or address, if changed since last report)
Item
7.01. Regulation FD Disclosure.
On
December 28, 2006 we issued a press release announcing that GSPC, as Operator
of
the KG#15 well in the exploration block KG-OSN-2001/3 ("KG Block") successfully
completed initial testing of Object 3. We have a net 5% carried interest in
the
production sharing contract on that Block. A copy of the press release is
attached hereto as Exhibit 99.1.
The
information disclosed in this Item 7.01 and the related exhibit are being
furnished solely to comply with Regulation FD and are not considered to be
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and are not subject to the liabilities of that
section unless we specifically incorporate it by reference in a document filed
under the Securities Act of 1933 or the Exchange Act. By filing this Current
Report on Form 8-K and furnishing this information, we make no admission as
to
the materiality of any information in this Current Report on Form
8-K.
Item
9.01. Financial Statements and Exhibits.
(a) Financial
statements of business acquired.
Not
applicable
(b) Pro
forma
financial information
Not
applicable
(c) Exhibits:
99.1 Press
Release dated December 28, 2006 (furnished, not filed).
SIGNATURES
Pursuant
to the requirement of the Securities Exchange Act of 1934, the Registrant has
duly caused this Report to be signed on its behalf by the undersigned thereunto
duly authorized.
Dated:
December 28, 2006
GEOGLOBAL
RESOURCES INC.
(Registrant)
/s/
Allan J. Kent
Allan
J.
Kent
Executive
VP & CFO
EXHIBIT
99.1
Press
release dated December 28, 2006
GGR
REPORTS SUCCESSFUL TESTING OF OBJECT 3 AT KG#15 WELL
IN
KG BLOCK BY GSPC AS OPERATOR
Calgary,
Alberta, Canada, December 28, 2006 - GeoGlobal Resources Inc. (the "Company"
or
"GeoGlobal") (Amex: GGR) announced today that the Gujarat State Petroleum
Corporation (“GSPC”), the Operator of the KG#15 well in the exploration block
KG-OSN-2001/3 ("KG Block") successfully completed initial testing of Object 3.
The test involved 33 meters of perforations across the interval depth from
4,651
to 4,705 meters measured depth at a stabilized flow rate in excess of 14 million
standard cubic feet per day (“MMSCFD”) of gas and 300 barrels per day
(“BBL/day”) of condensate, at a flowing wellhead pressure (“FWHP”) of 4,200 psi
through a 28/64 inch choke size. It is anticipated by GSPC that the testing
of
this Object 3 will continue for the next 3 days before moving up-hole to test
Object 4 in the KG#15 well.
Drilling
of the KG#15 well commenced on July 17, 2006 from the KG#8 platform. The well
was drilled directionally to 5,745 meters measured depth (5,669 meters total
vertical depth (“TVD”)) to a location 750 meters SSE of the KG#8 platform
location. A complete suite of modern logs were run and the testing program
was
designed based upon independent log analyses, as well as core samples, MDT’s
(“Modular Formation Dynamics Tester”) and hydrocarbon shows while drilling.
GeoGlobal
Resources Inc., headquartered in Calgary, Alberta, Canada, is a US publicly
traded oil and gas company, which through its subsidiaries, is engaged primarily
in the pursuit of petroleum and natural gas through exploration and development
in India. Since inception, the Company’s efforts have been devoted to the
pursuit of Production Sharing Contracts with the Government of India. Currently,
the Company is focused on the development of high potential exploration targets
in the Krishna Godavari, Cambay and the Deccan Syneclise basin
areas.
Cautionary
Statement to Investors
This
press release contains statements which constitute forward-looking statements
within the meaning of the US Private Securities Litigation Reform Act of 1995,
including statements regarding the plans, intentions, beliefs and current
expectations of GeoGlobal Resources Inc., its directors, or its officers with
respect to the oil and gas exploration, development and drilling activities
being conducted and intended to be conducted and the outcome of those activities
on the exploration blocks in which the Company has an interest. Statements
regarding the work commitments to be fulfilled, the surveys to be conducted,
and
the results of fulfilling those work commitments, the timing and outcome of
drilling and testing of wells drilled on the exploration blocks and the timing
of any commercial production that may be established are forward-looking
statements. There can be no assurance as to the outcome of those surveys
conducted, the exploratory drilling and the testing and evaluation that may
be
conducted or that has been conducted on the wells drilled or as to the quantity
of recoverable reserves that may exist in the areas of any wells drilled or
when, if ever, that the Company may realize revenues from those wells. The
Company’s forward-looking statements include the estimated cost and timing of
its exploration activities, including the estimated costs of fulfilling its
work
commitments and any exploratory drilling conducted as a consequence of the
outcome of the surveys conducted, the extent of activities conducted and the
outcome of those activities. Investors are cautioned that any such
forward-looking statements are not guarantees of the success of the Company's
oil and gas exploration, development and drilling activities or the commercial
success of any of its wells and the wells the Company may drill involve risks
and uncertainties. There can be no assurance as to the outcome of the
exploratory well drilling and testing being conducted on the KG Block, or as
to
the outcome of further testing of wells or as to the success of drilling
additional or appraisal wells. There can be no assurance that the entire
exploration, development, drilling and testing program presently intended to
be
undertaken on the KG Block will be completed. These activities are dependent
upon the availability of drilling rigs, other services equipment and operating
personnel at reasonable prices. There can be no assurance as to their
availability which would adversely affect the plans of the operator. The
Company's actual results may differ materially from those projected in the
forward-looking statements. There are numerous risks and uncertainties involved
in the Company's acquisition of unproved minority and majority interests in
the
exploration areas, including the possibilities that no discoveries of
hydrocarbons are made on the exploration blocks or, if discovered, that such
discoveries are determined not to be commercially productive. There can be
no
assurance that the Company’s drilling program will be successful or that the
entire program on any exploration block will be drilled. There can be no
assurance that the Company’s estimates as to the time to fulfill work
commitments and complete drilling operations will be accurate. The blocks are
highly speculative exploration opportunities and pursuing the development of
the
exploration blocks involves material risks to the Company. The Company’s
interests in its exploration blocks are participating interests and there can
be
no assurance that such funds as are required to meet the Company’s obligations
under the production sharing contracts will be available to the Company in
the
amounts and when required. The Company’s failure to have such funds available at
the times and in the amounts required could materially adversely affect the
fulfillment of the Company’s business plans and its interest in those
exploration blocks. The first phase of the exploration period relating to the
production sharing contract for the KG Block has expired, as extended on August
29, 2005 through March 11, 2006, without the required minimum of at least
fourteen wells being drilled during the first phase. On February 24, 2006,
the
management committee for the KG Block recommended a further extension the first
phase of twelve months to March 11, 2007. As at December 28, 2006, approval
of
this extension from the Government of India is still outstanding. Unless this
further extension is granted, the Company may be liable for consequences of
non-fulfillment of the minimum work commitment in a given time frame under
the
PSC. The PSC has provisions for termination of the PSC on account of various
reasons specified therein including material breach of the contract. Termination
rights can be exercised after giving ninety days written notice. This failure
to
timely complete the minimum work commitment, though there is no precedence,
may
be deemed by the Government of India to be a failure to comply with the
provisions of the contract in a material particular. The Company has been
advised by the operator that it is unaware of any precedent for such an
occurrence.
The
termination of the PSC by the Government of India would result in the loss
of
the Company’s interest in the KG Block other than areas determined to encompass
"commercial discoveries". The PSC sets forth procedures whereby the operator
can
obtain the review of the management committee under the PSC as to whether a
discovery on the exploration block should be declared a commercial discovery
under the PSC. Those procedures have not been completed at present with respect
to the discovery on the KG Block and, accordingly, as of December 28, 2006,
no
areas on the KG Block have been determined formally to encompass "commercial
discoveries" as
that term is defined under the PSC.
Additional risks and uncertainties arise out of seeking to do business overseas
in India where political and other world events may disrupt the Company's plans
and intentions. The presence of hydrocarbon reserves on adjacent or contiguous
properties is no assurance or necessary or probable indication that hydrocarbons
will be found in commercially marketable quantities on the exploration blocks
in
which the Company holds an interest. Additional important risk factors are
described in the Company's periodic filings with the Securities and Exchange
Commission, including the Company's annual report on Form 10-KSB and quarterly
reports on Form 10-QSB. The filings may be viewed at http://www.sec.gov.
and
www.sedar.com.
For
further information contact:
Allan
J.
Kent, Executive VP and CFO
Carla
Boland, Investor Relations and Corporate Affairs
phone:
403-777-9253 email:
info@geoglobal.com
fax:
403-777-9199 website:
www.geoglobal.com