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")
October
30, 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)
Section
7 - Regulation FD
Item
7.01. Regulation FD Disclosure.
On
October 30, 2006 we issued a press release announcing that our KG#15 well
located on the KG Block off the eastern coast of India had completed drilling
to
a total depth of 5,745 meters. In addition, we announced that a testing program
is expected to commence in mid-November 2006. 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.
Section
9 - Financial Statements and Exhibits
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 October 30, 2006 (furnished, but 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:
October 30, 2006
GEOGLOBAL
RESOURCES INC.
(Registrant)
/s/ Allan Kent
Allan
J.
Kent
Executive
VP & CFO
EXHIBIT
99.1
GEOGLOBAL
TO TEST KG#15 WELL
Calgary,
Alberta, Canada, October 30, 2006 - GeoGlobal Resources Inc. (Amex: GGR) reports
that Gujarat State Petroleum Corporation (“GSPC”), the operator of the KG Block,
has completed drilling the KG#15 well to a total depth (“TD”) of 5,745 meters
(5,669 meters total vertical depth (“TVD”)).
A
complete suite of modern logs have been run and the well is currently being
cased with a 7 inch liner to TD. A testing program is being designed based
upon
independent log analyses, as well as core samples, MDT's (“Modular Formation
Dynamics Tester”) and hydrocarbon shows while drilling. The testing program is
expected to commence mid-November, 2006.
Drilling
of the KG#15 well commenced on July 17, 2006 from the KG#8 well platform. The
well was drilled directionally to a location 750 meters SSE of the KG#8 platform
to delineate the extent of the reservoir section tested in KG#8 and to seek
to
prove additional reserves.
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 and their unavailability 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 October 30, 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 production sharing contract 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". No areas on the KG Block
have
been determined to encompass "commercial discoveries" as
that term is defined under the Production Sharing Contract as
of
October 30, 2006. 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