GeoGlobal Resources Inc.

GeoGlobal Resources Inc.

January 11, 2005 09:30 ET

GeoGlobal KG Drilling Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GEOGLOBAL RESOURCES INC.

AMEX SYMBOL: GGR

JANUARY 11, 2005 - 09:30 ET

GeoGlobal KG Drilling Update

CALGARY, ALBERTA--(CCNMatthews - Jan. 11, 2005) - GeoGlobal Resources
Inc. (AMEX:GGR) announced today that the KG#11 well located within the
Krishna Godavari Basin on Exploration Block KG-OSN-2001/3 ("KG Block")
off the east coast of India has been abandoned.

The KG#11 well was drilled to a total depth of 2,875 meters and the
results of this stratigraphic test of the northern portion of the KG
Block successfully established the presence of multiple reservoirs
within the Upper Cretaceous formation and the newly defined prospective
rift filled sequence of possible Permo-Triassic Age. However,
hydrocarbon quantities were not found as these formations were breached
at this well location. This geologic information will be incorporated
into the 3-D seismic to define additional future drilling targets where
fault breach is not present.

The Company further announced that the drilling rig has been moved to
the next location and the drilling of the KG#8 well is expected to
commence this week. The KG#8 well is situated approximately 19
kilometers southwest of the KG#1 well and approximately 27 kilometers
south of the KG#11 well in the southwestern corner of the KG Block in
shallow waters of approximately 60 meters.

The KG#8 well location has been selected to test both a shallow
stratigraphic sandstone channel fan complex at a 2,500 meter depth and a
structural four-way closure at a 4,000 meter depth as defined by 3-D
seismic. The well will be drilled vertically to a minimum 4,200 meter
depth and will test the syn-rift sedimentary section that is expected in
the southern area of the KG Block.

The KG#8 well is the third well of the 14 well drilling program intended
to be completed over the next 9 months under the terms of the Production
Sharing Contract relating to the KG Block. GeoGlobal has a 5% net
carried interest in the wells drilled on the KG Block.

As previously announced, Gujarat State Petroleum Corporation ("GSPC"),
the operator of the KG Block contracted with Saipem SPA, part of ENI,
Italy for the Saipem Perro Negro 3 drilling rig to drill an initial 4
well exploratory drilling program on the KG Block. GSPC has the option
of extending the contract for 6 additional exploratory wells.

GeoGlobal's management and staff wish to express their sympathy to the
thousands of people affected by the Tsunami that hit India and several
other Asian countries on December 26, 2004. There were no major
logistical interruptions to our drilling operations resulting from this
tragic event.

GeoGlobal Resources Inc., headquartered in 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 basin and the Cambay basin areas.

Cautionary Statement to Investors

This document contain 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 intended to be
conducted and the outcome of those activities on the exploration block
in which the Company owns an interest in located offshore on the east
coast of India in the Krishna Godavari Basin and the two additional
exploration blocks located onshore in western India in the Cambay Basin,
and including the estimated cost and timing of those exploration
activities and the extent of activities to be conducted. 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 and involve risks and uncertainties. The Company's
actual results may differ materially from those projected in the forward
looking statements. There can be no assurance that the drilling and
completion of any of the Company's exploratory wells, and the related
testing and evaluation, will result in the Company having commercially
recoverable reserves of hydrocarbons. There are numerous risks and
uncertainties involved in the Company's acquisition of unproved minority
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 not determined to be commercially
productive. There can be no assurance that the Company's drilling
program will be
successful or that the entire program will be drilled. There can be no
assurance that the Company's estimates as to the time to complete
drilling operations will be accurate. The blocks are a highly
speculative exploration opportunities and pursuing the development of
the exploration blocks will involve material risks to the Company. The
Company will be required to fund its share of the costs incurred during
the work commitment phase under the Production Sharing Contracts
relating to the exploration blocks in the Cambay Basin and there can be
no assurance that such funds will be available to the Company in the
amounts and when required. 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. There can
be no assurance that the Company's oil and gas exploration and
production activities will be commercially successful or result in
material revenues to the Company. 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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    GeoGlobal Resources Inc.
    Allan J. Kent
    Executive VP and CFO
    (403) 777-9253
    or
    GeoGlobal Resources Inc.
    Carla Driedger
    Investor Relations and Corporate Affairs
    (403) 777-9253
    (403) 777-9199 (FAX)
    email: info@geoglobal.com
    website: www.geoglobal.com
    or
    GeoGlobal Resources Inc.
    Brent Peters
    Director
    (416) 628-5901