¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
|
(Exact
name of registrant as specified in its charter)
|
|
Delaware
|
33-0464753
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employer Identification No.)
|
Suite
200, 625 – 4 Avenue SW, Calgary, Alberta,
Canada T2P
0K2
|
|
(Address
of principal executive
offices) (Zip
Code)
|
|
Registrant’s
telephone number, including area code: +1
403-777-9250
|
|
Securities
registered pursuant to Section 12(b) of the Act:
|
|
Title
of each class
|
Name
of each exchange on which registered
|
Common
Stock, par value $.001 per share
|
NYSE/Amex
(formerly AMEX)
|
Securities
registered pursuant to Section 12(g) of the Act:
|
|
None
|
|
(Title
of Class)
|
Large
accelerated filer
|
¨
|
Accelerated
filer
|
¨
|
Non-accelerated
filer
|
þ
|
Smaller
reporting company
|
¨
|
Page
|
||
Item
15.
|
Exhibit
10.26
|
1
|
Exhibit
|
Description
|
10.26
|
Chapman
Petroleum Engineering Report (as amended to correct duplicate page and
letter) (1)
|
(1)
|
Filed
herewith.
|
Signature
|
Title
|
Date
|
||
/s/ Jean Paul Roy
Jean
Paul Roy
|
President,
Chief Executive Officer and Director
|
April
12, 2010
|
||
/s/ Allan J. Kent
Allan
J. Kent
|
Executive
Vice President, Chief Financial Officer, “Chief Accounting Officer” and
Director
|
April
12, 2010
|
||
/s/ Brent J. Peters
Brent
J. Peters
|
Director
|
April
12, 2010
|
||
/s/ Peter R. Smith
Peter
R. Smith
|
Chairman
of the Board and Director
|
April
12, 2010
|
||
/s/ Michael J. Hudson
Michael
J. Hudson
|
Director
|
April
12, 2010
|
||
/s/ David D. Conklin
David
D Conklin
|
Director
|
April
12, 2010
|
1.
|
THAT
I am a registered Professional Engineer in the Province of Alberta and a
member of the Australasian Institute of Mining and
Metallurgy.
|
2.
|
THAT
I graduated from the University of Alberta with a Bachelor of Science
degree in Mechanical Engineering in
1971.
|
3.
|
THAT
I have been employed in the petroleum industry since graduation by various
companies and have been directly involved in reservoir engineering,
petrophysics, operations, and evaluations during that
time.
|
4.
|
THAT
I have in excess of 25 years in the conduct of evaluation and engineering
studies relating to oil & gas fields in Canada and around the
world.
|
5.
|
THAT
I participated directly in the evaluation of these assets and properties
and preparation of this report for Geoglobal Resources Inc., dated March
4, 2010 and the parameters and conditions employed in this evaluation were
examined by me and adopted as representative and appropriate in
establishing the value of these oil and gas properties according to the
information available to date.
|
6.
|
THAT
I have not, nor do I expect to receive, any direct or indirect interest in
the properties or securities of Geoglobal Resources Inc. its participants
or any affiliate thereof.
|
7.
|
THAT
I have not examined all of the documents pertaining to the ownership and
agreements referred to in this report, or the chain of Title for the oil
and gas properties discussed.
|
8.
|
A
personal field examination of these properties was considered to be
unnecessary because the data available from the Company's records and
public sources was satisfactory for our
purposes.
|
|
I,
ROY A. COLLVER, of the City of Calgary, Alberta, Canada, officing at Suite
445, 708 – 11th
Avenue S.W., hereby certify:
|
1.
|
THAT
I am a registered Engineer-In-Training in the Province of
Alberta.
|
2.
|
THAT
I graduated from Queen’s University in Kingston, Ontario with a Bachelor
of Science degree in Engineering Physics in
2005.
|
3.
|
THAT
I participated directly in the evaluation of these assets and properties
and preparation of this report for Geoglobal Resources Inc., dated March
4, 2010 and the parameters and conditions employed in this evaluation were
examined by me and adopted as representative and appropriate in
establishing the value of these oil and gas properties according to the
information available to date.
|
4.
|
THAT
I have not, nor do I expect to receive, any direct or indirect interest in
the properties or securities of Geoglobal Resources Inc., its participants
or any affiliate thereof.
|
5.
|
THAT
I have not examined all of the documents pertaining to the ownership and
agreements referred to in this report, or the chain of Title for the oil
and gas properties discussed.
|
6.
|
A
personal field examination of these properties was considered to be
unnecessary because the data available from the Company’s records and
public sources was satisfactory for our
purposes.
|
i)
|
Ownership
and Burdens have been derived from the Company's land records and other
information from the Company as required for
clarification;
|
ii)
|
Production
data is acquired from public data sources, except for very recent data or
certain wells which are provided directly by the
Company;
|
iii)
|
Well
data is accessed from the Company's well files and from public data
sources;
|
iv)
|
Operating
Costs are based on actual revenue and expense statements provided by the
Company for established properties or from discussions with the Company
and our experience in the area for new or non-producing
properties;
|
v)
|
Price
differentials are derived from revenue statements, compared to actual
posted prices for the appropriate benchmark price over a period of several
months for established properties or from discussions with the Company and
our experience in the area for new or non-producing
properties;
|
vi)
|
Timing
of Development Plans and Capital estimates are normally determined by
discussions with the Company together with our experience and
judgment.
|
b)
|
Structural
Model Map
|
c)
|
Tarapur
# 1 Well Log Analysis – Kalol
|
d)
|
Tarapur
# 5 Well Log Analysis – Kalol
|
e)
|
Tarapur
# P Well Log Analysis – Kalol
|
f)
|
Tarapur
# 6 Well Log Analysis – Kalol
|
g)
|
Tarapur
# G Well Log Analysis – Kalol
|
h)
|
Tarapur
# 4 Well Log Analysis – Kalol
|
i)
|
Tarapur
# 4 Well Log Analysis – Cambay
|
j)
|
Tarapur
# G Well Log Analysis – Cambay
|
k)
|
TA-6A1
Well Log Analysis – Kalol
|
l)
|
TA-6A2
Well Log Analysis – Kalol
|
m)
|
TA-6A3
Well Log Analysis – Kalol
|
n)
|
TA-6A4
Well Log Analysis – Kalol
|
o)
|
TA-6A5
Well Log Analysis – Kalol
|
p)
|
TA-6A6
Well Log Analysis – Kalol
|
q)
|
TA-6A7
Well Log Analysis – Kalol
|
r)
|
TAR
MAIN-TD1 Well Log Analysis – Kalol
|
s)
|
TAR
MAIN-TD2 Well Log Analysis – Kalol
|
t)
|
TAR
MAIN-TD3 Well Log Analysis – Kalol
|
a)
|
Tarapur
#1- Kalol, Rate vs. Time
|
b)
|
Tarapur
#P- Kalol, Rate vs. Time
|
c)
|
Tarapur
#5- Kalol, Rate vs. Time
|
d)
|
TAR
MAIN-TD2- Kalol, Rate vs. Time
|
e)
|
TAR
MAIN-TD3- Kalol, Rate vs. Time
|
a)
|
Tarapur
#1- Kalol
|
b)
|
Tarapur
#P- Kalol
|
c)
|
Tarapur
#5- Kalol
|
d)
|
TAR
MAIN-TD2 - Kalol
|
e)
|
TAR
MAIN-TD3 - Kalol
|
f)
|
TAR
MAIN-TD1 - Kalol
|
g)
|
Tarapur
# 6, Kalol
|
h)
|
TA6-A1,
Kalol
|
i)
|
TA6-A2,
Kalol
|
j)
|
TA6-A3,
Kalol
|
k)
|
TA6-A4,
Kalol
|
l)
|
TA6-A5,
Kalol
|
m)
|
TA6-A6,
Kalol
|
n)
|
TA6-A7,
Kalol
|
o)
|
Tarapur
# 4, Kalol
|
p)
|
Tarapur
# G, Kalol
|
a)
|
Proved
Developed Producing
|
b)
|
Total
Proved
|
c)
|
Proved
Plus Probable
|
|
Exploration
and Development
|
|
Total
proved oil reserves of 840 MSTB have been estimated for this area as
described below.
|
|
Total
proved developed producing oil reserves have been estimated to be 710 MSTB
for the five producing wells based on reservoir parameters derived from
log analysis, as well as current production
performance.
|
|
Proved
developed non-producing reserves of 130 MSTB have been estimated for the
well TAR-TD1 based on reservoir parameters derived from log analysis, in
addition to analogy with the currently producing
wells.
|
|
Probable
developed non-producing incremental oil reserves of 127 MSTB have been
assigned to the well TAR-TD1 based on reservoir parameters derived from
log analysis, and assuming a higher overall recovery factor from the
planned “slot frac hole”
re-completion.
|
|
Probable
developed non-producing oil reserves of 2,318 MSTB have been assigned to
the 8 wells on the Tarapur # 6 structure and the Tarapur # 4
well. These reserves were assigned based on reservoir
parameters derived from log analysis, and analogy with currently producing
wells. It is anticipated that all these wells will be
re-completed as “slot frac hole” completions before they are put on
production.
|
|
Probable
developed non-producing marketable non-associated gas reserves of 4,469
MMscf have been assigned to the well Tarapur # G based on reservoir
parameters derived from log
analysis.
|
|
Probable
undeveloped reserves of 490 MMscf have been assigned to one development
location planned for the Tarapur # 4 structure. These reserves
were based on reservoir parameters derived from the log analysis of
Tarapur # 4, in addition to analogy with currently producing
wells.
|
Schedule
of Lands, Interests and Royalty Burdens
|
||||||||||||||||
January
1, 2010
|
||||||||||||||||
GeoGlobal
Resources Inc.
|
||||||||||||||||
Tarapur,
India
|
||||||||||||||||
Appraised
Interest
|
Royalty
Burdens
|
|||||||||||||||
Rights
|
Gross
|
Working
|
Royalty
|
Basic
|
Overriding
|
|||||||||||
Description
|
Owned
|
Acres
|
%
|
%
|
%
|
%
|
||||||||||
Tarapur
CB-ON/2
|
[A]
|
399,808
|
14.0000
|
[1],[2]
|
-
|
-
|
[3]
|
-
|
||||||||
Well
TAR-1
|
||||||||||||||||
Well
TAR-P
|
||||||||||||||||
Well
TAR-5
|
||||||||||||||||
Well
TAR-TD1
|
||||||||||||||||
Well
TAR-TD2
|
||||||||||||||||
Well
TAR-TD3
|
||||||||||||||||
Well
TAR-6
|
||||||||||||||||
Well
TAR-6-A1
|
||||||||||||||||
Well
TAR-6-A2
|
||||||||||||||||
Well
TAR-6-A3
|
||||||||||||||||
Well
TAR-6-A4
|
||||||||||||||||
Well
TAR-6-A5
|
||||||||||||||||
Well
TAR-6-A6
|
||||||||||||||||
Well
TAR-6-A7
|
||||||||||||||||
Well
TAR-G
|
||||||||||||||||
Well
TAR-4
|
||||||||||||||||
Loc.
TAR-4-D1
|
||||||||||||||||
Total
|
399,808
|
|||||||||||||||
Rights
Owned :
|
[A]
All P&NG.
|
|||||||||||||||
General
Notes:
|
[1]
|
ONGC
has chosen to increase their share an additional 30%, reducing the
Company’s interest
|
||||||||||||||
[2]
|
See
the Production Sharing Contract for detailed description of profit/cost
petroleum split.
|
|||||||||||||||
[3]
|
All
royalties paid by ONGC
|
|||||||||||||||
Table
2
|
||||||||||||||||||||||||||||||
Summary
of Gross Reserves
|
||||||||||||||||||||||||||||||
January
1, 2010
|
||||||||||||||||||||||||||||||
Tarapur,
India
|
||||||||||||||||||||||||||||||
Current
or
|
||||||||||||||||||||||||||||||
Initial
|
API
|
Ultimate
|
Cum
|
|||||||||||||||||||||||||||
Rate
|
ROIP
|
Prod.
|
ROIP
|
|||||||||||||||||||||||||||
Description
|
STB/d
|
(Deg)
|
(MSTB)
|
(MSTB)
|
(MSTB)
|
Reference
|
||||||||||||||||||||||||
LIGHT
& MEDIUM OIL
|
||||||||||||||||||||||||||||||
Proved Developed Producing
|
||||||||||||||||||||||||||||||
TAR
- 1
|
Kalol
(main structure)
|
50
|
45
|
156
|
14
|
142
|
Table
2a
|
|||||||||||||||||||||||
TAR
- P
|
Kalol
(main structure)
|
37
|
45
|
104
|
11
|
93
|
Table
2b
|
|||||||||||||||||||||||
TAR
- 5
|
Kalol
(main structure)
|
150
|
45
|
261
|
35
|
226
|
Table
2c
|
|||||||||||||||||||||||
TAR
- TD2
|
Kalol
(main structure)
|
40
|
45
|
130
|
5
|
125
|
Table
2d
|
|||||||||||||||||||||||
TAR
- TD3
|
Kalol
(main structure)
|
45
|
45
|
130
|
6
|
125
|
Table
2e
|
|||||||||||||||||||||||
Total
Proved Developed Producing
|
322
|
781
|
71
|
710
|
||||||||||||||||||||||||||
Proved Developed
Non-Producing
|
||||||||||||||||||||||||||||||
TAR
- TD1
|
Kalol
(main structure)
|
50
|
Jan-10
|
45
|
130
|
0
|
130
|
Table
2f
|
||||||||||||||||||||||
Total
Proved Developed Non-Producing
|
130
|
0
|
130
|
|||||||||||||||||||||||||||
Total
Proved
|
911
|
0
|
840
|
|||||||||||||||||||||||||||
Probable
|
||||||||||||||||||||||||||||||
Probable
Developed Producing
|
||||||||||||||||||||||||||||||
TAR
- 1
|
Kalol
(main structure)
|
(Incr.)
|
45
|
96
|
0
|
96
|
Table
2a, Figure 3a
|
|||||||||||||||||||||||
TAR
- P
|
Kalol
(main structure)
|
(Incr.)
|
45
|
116
|
0
|
116
|
Table
2b, Figure 3b
|
|||||||||||||||||||||||
TAR
- 5
|
Kalol
(main structure)
|
(Incr.)
|
45
|
242
|
0
|
242
|
Table
2c, Figure 3c
|
|||||||||||||||||||||||
TAR
- TD2
|
Kalol
(main structure)
|
(Incr)
|
45
|
139
|
0
|
139
|
Table
2d, Figure 3d
|
|||||||||||||||||||||||
TAR
- TD3
|
Kalol
(main structure)
|
(Incr)
|
45
|
137
|
0
|
137
|
Table
2e, Figure 3e
|
|||||||||||||||||||||||
Probable
Developed Non-Producing
|
||||||||||||||||||||||||||||||
TAR
- TD1
|
Kalol
(main structure)
|
(Incr)
|
50
|
Jan-10
|
45
|
127
|
0
|
127
|
Table
2f
|
|||||||||||||||||||||
TAR-6
|
Kalol
|
130
|
Jan-12
|
45
|
261
|
0
|
261
|
Table
2g
|
||||||||||||||||||||||
TAR-6-A1
|
Kalol
|
120
|
Jan-12
|
45
|
256
|
0
|
256
|
Table
2h
|
||||||||||||||||||||||
TAR-6-A2
|
Kalol
|
120
|
Jan-12
|
45
|
268
|
0
|
268
|
Table
2i
|
||||||||||||||||||||||
TAR-6-A3
|
Kalol
|
120
|
Jan-12
|
45
|
225
|
0
|
225
|
Table
2j
|
||||||||||||||||||||||
TAR-6-A4
|
Kalol
|
90
|
Jan-12
|
45
|
171
|
0
|
171
|
Table
2k
|
||||||||||||||||||||||
TAR-6-A5
|
Kalol
|
130
|
Jan-12
|
45
|
256
|
0
|
256
|
Table
2l
|
||||||||||||||||||||||
TAR-6-A6
|
Kalol
|
100
|
Jan-12
|
45
|
198
|
0
|
198
|
Table
2m
|
||||||||||||||||||||||
TAR-6-A7
|
Kalol
|
100
|
Jan-12
|
45
|
193
|
0
|
193
|
Table
2n
|
||||||||||||||||||||||
TAR
4
|
Kalol
|
200
|
Jan-13
|
45
|
490
|
0
|
490
|
Table
2o
|
||||||||||||||||||||||
Probable
Undeveloped
|
||||||||||||||||||||||||||||||
Loc.
TAR-4-D1
|
Kalol
|
200
|
Jan-13
|
45
|
490
|
0
|
490
|
Table
2o
|
||||||||||||||||||||||
Total
Probable
|
3,665
|
0
|
3,665
|
|||||||||||||||||||||||||||
Total
Proved Plus Probable
|
4,576
|
0
|
4,505
|
Summary
of Gross Reserves
|
|||||||||||||||||||||||||||||||||
January
1, 2010
|
|||||||||||||||||||||||||||||||||
Tarapur,
India
|
|||||||||||||||||||||||||||||||||
Current
or
|
|||||||||||||||||||||||||||||||||
Initial
|
Ultimate
|
Cumulative
|
Remaining
|
Remaining
|
|||||||||||||||||||||||||||||
Rate
|
RGIP
|
Production
|
RGIP
(raw)
|
RGIP
(sales)
|
|||||||||||||||||||||||||||||
Description
|
Mscf/d
|
(MMscf)
|
(MMscf)
|
(MMscf)
|
(MMscf)
|
Reference
|
|||||||||||||||||||||||||||
ASSOCIATED AND NON-ASSOCIATED
GAS
|
|||||||||||||||||||||||||||||||||
Probable Developed Non-Producing
(Incremental)
|
|||||||||||||||||||||||||||||||||
TAR
G
|
Kalol
|
(Incr.)
|
1,500
|
4,805
|
0
|
4,805
|
4,469
|
Table
2o
|
|||||||||||||||||||||||||
Total
Probable
|
4,805
|
0
|
4,805
|
4,469
|
|||||||||||||||||||||||||||||
Total
Proved Plus Probable
|
4,805
|
0
|
4,805
|
4,469
|
|||||||||||||||||||||||||||||
SOLUTION
GAS
|
|||||||||||||||||||||||||||||||||
Proved
|
|||||||||||||||||||||||||||||||||
Total
Proved Solution Gas
|
208
|
680
|
0
|
680
|
632
|
Table
4b
|
|||||||||||||||||||||||||||
Total
Proved
|
680
|
0
|
680
|
632
|
|||||||||||||||||||||||||||||
Probable
|
|||||||||||||||||||||||||||||||||
Total
Probable Solution Gas
|
(Incr.)
|
537
|
0
|
537
|
500
|
Table
4c
|
|||||||||||||||||||||||||||
Total
Probable
|
537
|
0
|
537
|
500
|
|||||||||||||||||||||||||||||
Total
Proved Plus Probable
|
1,217
|
0
|
1,217
|
1,132
|
Table
2a
|
||||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||||
January
1, 2010
|
||||
Tarapur,
India
|
||||
Tarapur
1 Kalol (1)
|
||||
Proved
|
Proved
|
|||
Developed
Producing
|
Plus
Probable
|
|||
PRODUCT
TYPE
|
||||
Light
and Medium Oil
|
||||
RESERVOIR
PARAMETERS
|
||||
Reservoir
Pressure, psia
|
3,313
|
3,313
|
||
Reservoir
Temperature, deg F
|
230
|
230
|
||
Average
Porosity, %
|
21.9
|
21.9
|
||
Average
Water Saturation, %
|
33.3
|
33.3
|
||
Formation
Volume Factor, RB/STB
|
1.250
|
1.250
|
||
Petroleum
Initially-in-Place, STB/ac.ft
|
906.6
|
906.6
|
||
Recovery
Factor, %
|
7.1
|
(2)
|
12
|
|
RESERVES
|
||||
Net
Pay, ft
|
27.5
|
27.5
|
||
Area,
acres
|
87
|
87
|
||
Petroleum
Initially-in-Place, STB
|
2,188,986
|
2,188,986
|
||
Reserves
Initially-in-Place, STB
|
156,018
|
251,733
|
||
Cumulative
Production, STB
|
13,779
|
13,779
|
||
Remaining
Reserves, STB
|
142,239
|
237,953
|
||
Note:
|
(1) Interval
1477.5 - 1495.2 m KB
|
|||
(2) Based
on Production Performance
|
Table
2b
|
||||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||||
January
1, 2010
|
||||
Tarapur,
India
|
||||
Tarapur
P Kalol (1)
|
||||
Proved
|
Proved
|
|||
Developed
Producing
|
Plus
Probable
|
|||
PRODUCT
TYPE
|
||||
Light
and Medium Oil
|
||||
RESERVOIR
PARAMETERS
|
||||
Reservoir
Pressure, psia
|
2,740
|
2,740
|
||
Reservoir
Temperature, deg F
|
225
|
225
|
||
Average
Porosity, %
|
20.8
|
20.8
|
||
Average
Water Saturation, %
|
27.9
|
27.9
|
||
Formation
Volume Factor, RB/STB
|
1.250
|
1.250
|
||
Petroleum
Initially-in-Place, STB/ac.ft
|
930.8
|
930.8
|
||
Recovery
Factor, %
|
3.3
|
(2)
|
7
|
|
RESERVES
|
||||
Net
Pay, ft
|
38.5
|
38.5
|
||
Area,
acres
|
87
|
87
|
||
Petroleum
Initially-in-Place, STB
|
3,146,383
|
3,146,383
|
||
Reserves
Initially-in-Place, STB
|
104,012
|
220,247
|
||
Cumulative
Production, STB
|
11,056
|
11,056
|
||
Remaining
Reserves, STB
|
92,956
|
209,190
|
||
Note:
|
(1) Interval
1490.1 - 1507.4 m KB
|
|||
(2) Based
on Production Performance
|
Table
2c
|
||||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||||
January
1, 2010
|
||||
Tarapur,
India
|
||||
Tarapur
5 Kalol (1)
|
||||
Proved
|
Proved
|
|||
Developed
Producing
|
Plus
Probable
|
|||
PRODUCT
TYPE
|
||||
Light
and Medium Oil
|
||||
RESERVOIR
PARAMETERS
|
||||
Reservoir
Pressure, psia
|
3,331
|
3,331
|
||
Reservoir
Temperature, deg F
|
230
|
230
|
||
Average
Porosity, %
|
25.3
|
25.3
|
||
Average
Water Saturation, %
|
13.5
|
13.5
|
||
Formation
Volume Factor, RB/STB
|
1.250
|
1.250
|
||
Petroleum
Initially-in-Place, STB/ac.ft
|
1358.2
|
1358.2
|
||
Recovery
Factor, %
|
4.1
|
(2)
|
8
|
|
RESERVES
|
||||
Net
Pay, ft
|
52.8
|
52.8
|
||
Area,
acres
|
87
|
87
|
||
Petroleum
Initially-in-Place, STB
|
6,296,398
|
6,296,398
|
||
Reserves
Initially-in-Place, STB
|
261,258
|
503,712
|
||
Cumulative
Production, STB
|
35,473
|
35,473
|
||
Remaining
Reserves, STB
|
225,785
|
468,239
|
||
Note:
|
(1) Interval
1533.0 - 1556.5 m KB
|
|||
(2) Based
on Production Performance
|
Table
2d
|
||||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||||
January
1, 2010
|
||||
Tarapur,
India
|
||||
TD
2 Kalol (1)
|
||||
Proved
|
Proved
|
|||
Developed
Producing
|
Plus
Probable
|
|||
PRODUCT
TYPE
|
||||
Light
and Medium Oil
|
||||
RESERVOIR
PARAMETERS
|
||||
Reservoir
Pressure, psia
|
3,200
|
3,200
|
||
Reservoir
Temperature, deg F
|
230
|
230
|
||
Average
Porosity, %
|
13.4
|
13.4
|
||
Average
Water Saturation, %
|
26.9
|
26.9
|
||
Formation
Volume Factor, RB/STB
|
1.250
|
1.250
|
||
Petroleum
Initially-in-Place, STB/ac.ft
|
607.9
|
607.9
|
||
Recovery
Factor, %
|
4.3
|
(2)
|
9
|
|
RESERVES
|
||||
Net
Pay, ft
|
56.1
|
56.1
|
||
Area,
acres
|
87
|
87
|
||
Petroleum
Initially-in-Place, STB
|
2,994,260
|
2,994,260
|
||
Reserves
Initially-in-Place, STB
|
130,015
|
269,483
|
||
Cumulative
Production, STB
|
5,469
|
5,469
|
||
Remaining
Reserves, STB
|
124,546
|
264,013
|
||
Note:
|
(1) Interval
1538.7 - 1684.9 m KB
|
|||
(2) Based
on Production Performance
|
Table
2e
|
||||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||||
January
1, 2010
|
||||
Tarapur,
India
|
||||
TD
3 Kalol (1)
|
||||
Proved
|
Proved
|
|||
Developed
Producing
|
Plus
Probable
|
|||
PRODUCT
TYPE
|
||||
Light
and Medium Oil
|
||||
RESERVOIR
PARAMETERS
|
||||
Reservoir
Pressure, psia
|
3,200
|
3,200
|
||
Reservoir
Temperature, deg F
|
230
|
230
|
||
Average
Porosity, %
|
15.4
|
15.4
|
||
Average
Water Saturation, %
|
29.4
|
29.4
|
||
Formation
Volume Factor, RB/STB
|
1.250
|
1.250
|
||
Petroleum
Initially-in-Place, STB/ac.ft
|
674.8
|
674.8
|
||
Recovery
Factor, %
|
4.9
|
(2)
|
10
|
|
RESERVES
|
||||
Net
Pay, ft
|
45.0
|
45.0
|
||
Area,
acres
|
87
|
87
|
||
Petroleum
Initially-in-Place, STB
|
2,666,135
|
2,666,135
|
||
Reserves
Initially-in-Place, STB
|
130,070
|
266,614
|
||
Cumulative
Production, STB
|
5,524
|
5,524
|
||
Remaining
Reserves, STB
|
124,546
|
261,089
|
||
Note:
|
(1) Interval
1493.7 - 1620.9 m KB
|
|||
(2) Based
on Production Performance
|
Table
2f
|
||||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||||
January
1, 2010
|
||||
Tarapur,
India
|
||||
TD
1 Kalol (1)
|
||||
Proved
|
Proved
|
|||
Developed
Non-Producing
|
Plus
Probable
|
|||
PRODUCT
TYPE
|
||||
Light
and Medium Oil
|
||||
RESERVOIR
PARAMETERS
|
||||
Reservoir
Pressure, psia
|
3,200
|
3,200
|
||
Reservoir
Temperature, deg F
|
230
|
230
|
||
Average
Porosity, %
|
13.1
|
13.1
|
||
Average
Water Saturation, %
|
27.4
|
27.4
|
||
Formation
Volume Factor, RB/STB
|
1.250
|
1.250
|
||
Petroleum
Initially-in-Place, STB/ac.ft
|
590.3
|
590.3
|
||
Recovery
Factor, %
|
5.6
|
(2)
|
11
|
|
RESERVES
|
||||
Net
Pay, ft
|
45.0
|
45.0
|
||
Area,
acres
|
87
|
87
|
||
Petroleum
Initially-in-Place, STB
|
2,332,275
|
2,332,275
|
||
Reserves
Initially-in-Place, STB
|
130,016
|
256,550
|
||
Cumulative
Production, STB
|
0
|
0
|
||
Remaining
Reserves, STB
|
130,016
|
256,550
|
||
Note:
|
(1) Interval
1539.5 - 1688.7 m KB
|
|||
(2) Based
on Production Performance
|
Table
2g
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed Non-Producing
|
||
Tarapur
6 Kalol (1)
|
||
PRODUCT
TYPE
|
||
Light
and Medium Oil
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,547
|
|
Reservoir
Temperature, deg F
|
232
|
|
Average
Porosity, %
|
23.1
|
|
Average
Water Saturation, %
|
24.2
|
|
Formation
Volume Factor, RB/STB
|
1.250
|
|
Petroleum
Initially-in-Place, STB/ac.ft
|
1086.7
|
|
Recovery
Factor, %
|
6
|
|
RESERVES
|
||
Net
Pay, ft
|
50.0
|
|
Area,
acres
|
80
|
|
Petroleum
Initially-in-Place, STB
|
4,346,800
|
|
Reserves
Initially-in-Place, STB
|
260,808
|
|
Cumulative
Production, STB
|
0
|
|
Remaining
Reserves, STB
|
260,808
|
|
Note:
|
(1) Interval
1623.6 - 1648.8 m KB
|
Table
2h
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed Non-Producing
|
||
Tar
6-A1 Kalol (1)
|
||
PRODUCT
TYPE
|
||
Light
and Medium Oil
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,200
|
|
Reservoir
Temperature, deg F
|
230
|
|
Average
Porosity, %
|
16.8
|
|
Average
Water Saturation, %
|
30.1
|
|
Formation
Volume Factor, RB/STB
|
1.250
|
|
Petroleum
Initially-in-Place, STB/ac.ft
|
728.8
|
|
Recovery
Factor, %
|
8
|
|
RESERVES
|
||
Net
Pay, ft
|
50.0
|
|
Area,
acres
|
87
|
|
Petroleum
Initially-in-Place, STB
|
3,199,432
|
|
Reserves
Initially-in-Place, STB
|
255,955
|
|
Cumulative
Production, STB
|
0
|
|
Remaining
Reserves, STB
|
255,955
|
|
Note:
|
(1) Interval
1551.0 - 1790.8 m KB
|
Table
2i
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed Non-Producing
|
||
Tar
6-A2 Kalol (1)
|
||
PRODUCT
TYPE
|
||
Light
and Medium Oil
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,200
|
|
Reservoir
Temperature, deg F
|
230
|
|
Average
Porosity, %
|
18.2
|
|
Average
Water Saturation, %
|
33.3
|
|
Formation
Volume Factor, RB/STB
|
1.250
|
|
Petroleum
Initially-in-Place, STB/ac.ft
|
753.4
|
|
Recovery
Factor, %
|
9
|
|
RESERVES
|
||
Net
Pay, ft
|
45.0
|
|
Area,
acres
|
87
|
|
Petroleum
Initially-in-Place, STB
|
2,976,684
|
|
Reserves
Initially-in-Place, STB
|
267,902
|
|
Cumulative
Production, STB
|
0
|
|
Remaining
Reserves, STB
|
267,902
|
|
Note:
|
(1) Interval
1539.3 - 1784.3 m KB
|
Table
2j
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed Non-Producing
|
||
Tar
6-A3 Kalol (1)
|
||
PRODUCT
TYPE
|
||
Light
and Medium Oil
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,200
|
|
Reservoir
Temperature, deg F
|
230
|
|
Average
Porosity, %
|
24.2
|
|
Average
Water Saturation, %
|
31.9
|
|
Formation
Volume Factor, RB/STB
|
1.250
|
|
Petroleum
Initially-in-Place, STB/ac.ft
|
1022.8
|
|
Recovery
Factor, %
|
10
|
|
RESERVES
|
||
Net
Pay, ft
|
25.0
|
|
Area,
acres
|
87
|
|
Petroleum
Initially-in-Place, STB
|
2,245,046
|
|
Reserves
Initially-in-Place, STB
|
224,505
|
|
Cumulative
Production, STB
|
0
|
|
Remaining
Reserves, STB
|
224,505
|
|
Note:
|
(1) Interval
1541.37 - 1742.8 m KB
|
Table
2k
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed Non-Producing
|
||
Tar
6-A4 Kalol (1)
|
||
PRODUCT
TYPE
|
||
Light
and Medium Oil
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,200
|
|
Reservoir
Temperature, deg F
|
230
|
|
Average
Porosity, %
|
13.0
|
|
Average
Water Saturation, %
|
31.2
|
|
Formation
Volume Factor, RB/STB
|
1.250
|
|
Petroleum
Initially-in-Place, STB/ac.ft
|
555.1
|
|
Recovery
Factor, %
|
7
|
|
RESERVES
|
||
Net
Pay, ft
|
50.0
|
|
Area,
acres
|
87
|
|
Petroleum
Initially-in-Place, STB
|
2,436,889
|
|
Reserves
Initially-in-Place, STB
|
170,582
|
|
Cumulative
Production, STB
|
0
|
|
Remaining
Reserves, STB
|
170,582
|
|
Note:
|
(1) Interval
1554.8 - 1797.8 m KB
|
Table
2l
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed Non-Producing
|
||
Tar
6-A5 Kalol (1)
|
||
PRODUCT
TYPE
|
||
Light
and Medium Oil
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,200
|
|
Reservoir
Temperature, deg F
|
230
|
|
Average
Porosity, %
|
20.0
|
|
Average
Water Saturation, %
|
34.7
|
|
Formation
Volume Factor, RB/STB
|
1.250
|
|
Petroleum
Initially-in-Place, STB/ac.ft
|
810.6
|
|
Recovery
Factor, %
|
9
|
|
RESERVES
|
||
Net
Pay, ft
|
40.0
|
|
Area,
acres
|
87
|
|
Petroleum
Initially-in-Place, STB
|
2,846,827
|
|
Reserves
Initially-in-Place, STB
|
256,214
|
|
Cumulative
Production, STB
|
0
|
|
Remaining
Reserves, STB
|
256,214
|
|
Note:
|
(1) Interval
1564.0 - 1818.8 m KB
|
Table
2m
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed Non-Producing
|
||
Tar
6-A6 Kalol (1)
|
||
PRODUCT
TYPE
|
||
Light
and Medium Oil
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,200
|
|
Reservoir
Temperature, deg F
|
230
|
|
Average
Porosity, %
|
16.6
|
|
Average
Water Saturation, %
|
31.6
|
|
Formation
Volume Factor, RB/STB
|
1.250
|
|
Petroleum
Initially-in-Place, STB/ac.ft
|
704.7
|
|
Recovery
Factor, %
|
8
|
|
RESERVES
|
||
Net
Pay, ft
|
40.0
|
|
Area,
acres
|
87
|
|
Petroleum
Initially-in-Place, STB
|
2,474,907
|
|
Reserves
Initially-in-Place, STB
|
197,993
|
|
Cumulative
Production, STB
|
0
|
|
Remaining
Reserves, STB
|
197,993
|
|
Note:
|
(1) Interval
1515.4 - 1729.9 m KB
|
Table
2n
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed Non-Producing
|
||
Tar
6-A7 Kalol (1)
|
||
PRODUCT
TYPE
|
||
Light
and Medium Oil
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,200
|
|
Reservoir
Temperature, deg F
|
230
|
|
Average
Porosity, %
|
14.4
|
|
Average
Water Saturation, %
|
31.6
|
|
Formation
Volume Factor, RB/STB
|
1.250
|
|
Petroleum
Initially-in-Place, STB/ac.ft
|
611.3
|
|
Recovery
Factor, %
|
8
|
|
RESERVES
|
||
Net
Pay, ft
|
45.0
|
|
Area,
acres
|
87
|
|
Petroleum
Initially-in-Place, STB
|
2,415,246
|
|
Reserves
Initially-in-Place, STB
|
193,220
|
|
Cumulative
Production, STB
|
0
|
|
Remaining
Reserves, STB
|
193,220
|
|
Note:
|
(1) Interval
1502.4 - 1713.4 m KB
|
Table
2o
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed
|
||
Tarapur
4 Total Structure Kalol (1)
|
||
PRODUCT
TYPE
|
||
Light
and Medium Oil
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,266
|
|
Reservoir
Temperature, deg F
|
231
|
|
Average
Porosity, %
|
25.1
|
|
Average
Water Saturation, %
|
21.3
|
|
Formation
Volume Factor, RB/STB
|
1.250
|
|
Petroleum
Initially-in-Place, STB/ac.ft
|
1226.0
|
|
Recovery
Factor, %
|
9
|
|
RESERVES
|
||
Net
Pay, ft
|
70.0
|
|
Area,
acres
|
127
|
|
Petroleum
Initially-in-Place, STB
|
10,899,140
|
|
Reserves
Initially-in-Place, STB
|
980,923
|
|
Cumulative
Production, STB
|
0
|
|
Remaining
Reserves, STB
|
980,923
|
|
Note:
|
(1) Interval
1597.4 - 1626.4 m KB
|
Table
2p
|
||
SUMMARY
OF GROSS RESERVES AND RESERVOIR PARAMETERS
|
||
January
1, 2010
|
||
Tarapur,
India
|
||
Probable
Developed
|
||
Tarapur
G Kalol (1)
|
||
PRODUCT
TYPE
|
||
Non-Associated
Gas
|
||
RESERVOIR
PARAMETERS
|
||
Reservoir
Pressure, psia
|
3,400
|
|
Reservoir
Temperature, deg F
|
239
|
|
Average
Porosity, %
|
21.8
|
|
Average
Water Saturation, %
|
30.3
|
|
Compressibility
Factor, Z
|
0.924
|
|
Petroleum
Initially-in-Place, Mscf/ac.ft
|
1236.7
|
|
Reservoir
Loss, %
|
30.0
|
|
Surface
Loss, %
|
7.0
|
|
RESERVES
|
||
Net
Pay, ft
|
50.0
|
|
Area,
acres
|
111
|
|
Petroleum
Initially-in-Place, MMscf
|
6,864
|
|
Reserves
Initially-in-Place, MMscf
|
4,805
|
|
Cumulative
Production, Mscf
|
0
|
|
Remaining
Raw Reserves, MMscf
|
4,805
|
|
Remaining
Marketable Reserves, MMscf
|
4,469
|
|
NGL's
Recovery, bbl/MMscf
|
16
|
|
Remaining
NGL's, bbls
|
76,880
|
|
Note:
|
(1) Interval
1557.8 - 1581.9 m KB
|
Table 3a
|
|||||||||||
Summary
of Anticipated Capital Expenditures
|
|||||||||||
Development
|
|||||||||||
January
1, 2010
|
|||||||||||
GeoGlobal
Resources Inc.
|
|||||||||||
Tarapur,
India
|
|||||||||||
Capital
|
Gross
|
Net
|
|||||||||
Interest
|
Capital
|
Capital
|
|||||||||
Description
|
Date
|
Operation
|
%
|
M$
|
M$
|
||||||
Probable
|
|||||||||||
Light & Medium Oil
|
|||||||||||
Well
TAR-1
|
Jan
2012
|
Recomplete
well as a slant frac hole completion
|
14.0000%
|
500
|
70
|
||||||
Well
TAR-P
|
Jan
2012
|
Recomplete
well as a slant frac hole completion
|
14.0000%
|
500
|
70
|
||||||
Well
TAR-5
|
Jan
2012
|
Recomplete
well as a slant frac hole completion
|
14.0000%
|
500
|
70
|
||||||
Well
TAR-TD1
|
Jan
2012
|
Recomplete
well as a slant frac hole completion
|
14.0000%
|
500
|
70
|
||||||
Well
TAR-TD2
|
Jan
2012
|
Recomplete
well as a slant frac hole completion
|
14.0000%
|
500
|
70
|
||||||
Well
TAR-TD3
|
Jan
2012
|
Recomplete
well as a slant frac hole completion
|
14.0000%
|
500
|
70
|
||||||
Well
TAR-6
|
Jan
2012
|
Recomplete
well as a slant frac hole completion
|
14.0000%
|
500
|
70
|
||||||
Well
TAR-6-A1
|
Jan
2012
|
Recomplete
well as a slant frac hole completion
|
14.0000%
|
500
|
70
|
||||||
Well
TAR-6-A2
|
Jan
2012
|
Recomplete
well as a slant frac hole completion
|