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Production-sharing contracts

GeoGlobal Resources Inc., Calgary, (Amex: GGR) has entered production-sharing contracts on four exploration blocks in India in the New Exploration licensing policy. GeoGlobal will provide work commitments during two phases. It will pay approximately US$28 million in production costs for all four blocks. The first asset is Exploration Block KG-ONN-2004/1, known as Block 28, covering approximately 548 square kilometers in the Krishna Godavari Basin. GeoGlobal holds a 10% participating interest in the block, and New Delhi, India-based state owned Oil India Ltd., holds the remaining 90% and is operator. The second and third assets are part of GeoGlobal's joint venture with Oil India concerning exploration blocks in the Rajasthan Basin in the state of Rajasthan in northwestern India. Exploration Blocks RJ-ONN-2004/2 (Block 20) covers 2,196 square kilometers and RJ-ONN-2004/3 (Block 21) covers 1,330 square kilometers. GeoGlobal holds a 25% interest in these blocks. Oil India is operator and holds the remaining 75% interest in Block 20 and 60% interest in Block 21, with the remaining 15% interest held by India-based Hindustan Petroleum Corporation Ltd. The fourth asset is Exploration Block DS-ONN-2004/1 (Block 27), covering approximately 2,649 square kilometers in the state Maharashtra in west-central India. GeoGlobal has 100% interest and is the operator.