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")
March
2, 2007
(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)
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1-32158
(Commission
File
Number)
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33-0464753
(I.R.S.
Employer
Identification
No.)
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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)
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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:
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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(Former
name or address, if changed since last report)
Item 1.01. Entry
into a Material Definitive Agreement
On
March
2, 2007, GeoGlobal Resources Inc. (the "Company") entered into four Production
Sharing Contracts ("PSC's") with the Government of India ("GOI") as
follows:
Exploration
block KG-ONN-2004/1
The
Company and Oil India Limited ("OIL") entered into a PSC with respect to
Exploration block KG-ONN-2004/1, also referred to as Block 28 under NELP-VI.
This Block covers an area of approximately 548 square kilometers ("sq. kms")
onshore in the the Krishna Godavari Basin, directly adjacent to and south-west
of the Company’s existing offshore KG Block, KG-OSN-2001/3. The Company holds a
10% participating interest ("PI") in this block, while OIL, as operator holds
the remaining 90% PI. The Production Sharing Contract for the onshore KG Block
28 provides for work commitments to be performed over two phases over an
exploration period of a total of 7 years with the work commitment under
Phase I being 4 years and includes reprocessing 564 line kilometers ("LKM")
of 2-D seismic, conducting a gravity and magnetic and geochemical survey, a
seismic acquisition program consisting of 548 sq km of 3-D seismic and the
drilling of 12 exploration wells to various depths between 2,000 and 5,000
meters. In Phase II being 3 years, the Company is to drill 1 exploration
well to a depth of 4,600 meters.
On
September 14, 2006, prior to submission of the Company’s NELP-VI bids, the
Company entered into a letter agreement with OIL to increase it's PI up to
25%
in this exploration block, subject to the availability of sufficient net worth
and GOI consent.
Exploration
blocks RJ-ONN-2004/2 and RJ-ONN-2004/3
Also
on
March 2, 2007, the Company along with OIL entered into PSC's with the GOI with
respect to Exploration blocks RJ-ONN-2004/2 and RJ-ONN-2004/3, also referred
to
as Blocks 20 and 21, respectively under NELP-VI. These blocks cover an area
of
approximately 2,196 and 1,330 sq km respectively and are located onshore in
the
Rajasthan Basin which is located in the northern portion of the State of
Rajasthan in north-west India. The Company holds a 25% PI in these blocks,
with
OIL, as operator, holding the remaining 75% PI in Block 20 and 60% PI in Block
21 and the remaining 15% held by the Hindustan Petroleum Corporation Limited
("HPCL") of India. The Production Sharing Contracts for these two onshore
Rajasthan Blocks 20 and 21 provides for work commitments to be performed over
two phases over an exploration period of a total of 7 years with the work
commitment under Phase I being 4 years and includes reprocessing 926 LKM of
2-D seismic, conducting a gravity and magnetic and geochemical survey, a seismic
acquisition program consisting of 560 LKM of 2-D seismic and 1,311 sq km of
3-D
seismic and the drilling of 20 exploration wells over both blocks to various
depths between 2,000 and 2,500 meters. In Phase II being 3 years, the
Company is to drill 2 exploration wells to a depth of 2,500 and 2,000 meters
respectively.
Exploration
Block DS-ONN-2004/1
Further,
on March 2, 2007, the Company entered into a PSC with the GOI with respect
to
Exploration Block DS-ONN-2004/1, also referred to as Block 27 under NELP-VI.
This block covers an area of approximately 2,649 sq km and is located onshore
in
the northern portion of the State of Maharashtra in west-central India, directly
east and adjacent to the Company’s Exploration Block DS-ONN-2003/1 awarded under
NELP-V. The Company has a 100% PI in the DS Block 27 and will be the operator.
The Production Sharing Contracts for this onshore DS Block 27 provides for
work
commitments to be performed over two phases over an exploration period of a
total of 8 years with the work commitment under Phase I being 4 years
and consists of conducting a gravity and magnetic and geochemical survey as
well
as a seismic acquisition program consisting of 325 LKM of 2-D seismic. In Phase
II being 4 years, the Company is to conduct a seismic acquisition program
consisting of 500 LKM of 2-D seismic and 200 sq km of 3-D seismic and drill
1
exploration well to a depth of 2,000 meters.
Item
9.01. Financial Statements and Exhibits.
(a) Financial
statements of business acquired.
Not
applicable
(b) Pro
forma
financial information
Not
applicable
(c) Exhibits:
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1.01
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Production
Sharing Contract dated March 2, 2007 between the Government of India,
Oil
India Limited and the Company with respect to Exploration block
KG-ONN-2004/1*
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1.01.1
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Letter
Agreement dated September 14, 2006 between Oil India Limited and
the
Company with respect to the acquisition of an additional 15% participating
interest in Exploration block
KG-ONN-2004/1*
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1.02
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Production
Sharing Contract dated March 2, 2007 between the Government of India,
Oil
India Limited and the Company with respect to Exploration block
RJ-ONN-2004/2 *
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1.03
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Production
Sharing Contract dated March 2, 2007 between the Government of India,
Oil
India Limited, Hindustan Petroleum Corporation Limited and the Company
with respect to Exploration block RJ-ONN-2004/3
*
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1.04
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Production
Sharing Contract dated March 2, 2007 between the Government of India
and
the Company with respect to Exploration Block
DS-ONN-2004/1*
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*
to be
filed with the Company's Quarterly report on Form 10Q for the period March
31,
2007.
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:
March 8, 2007
GEOGLOBAL
RESOURCES INC.
(Registrant)
/s/
Allan J. Kent
Allan
J.
Kent
Executive
VP & CFO