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.
[mappress] Press Release, August 8, 2012