GeoGlobal Resources Drops 30%, Hits 52-Week Low on Dismal Drilling Results


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Shares in GeoGlobal Resources Inc. ( GGR ) have plummeted 30% after the company announced that its Myra-1 well reached a final Total Vertical Depth Subsea of approximately 5,200 metres and no significant quantities of hydrocarbons were detected. Shares hit a 52-week low of $0.10 in earlier trading.

GGR and its partners in the well have decided to perform wire line logging at a total cost of $1.7 million to definitively determine the presence of any hydrocarbons in the well and to gather geological information with respect to the Myra license which may also prove useful with respect to making future drilling decisions at both the Myra and Sara licenses.

GGR has a 52-week high of $0.49; shares have fallen 62% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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