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")
January
8, 2008
(Date
of earliest event reported)
GEOGLOBAL
RESOURCES INC.
(Exact
name of Registrant as specified in its Charter)
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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)
On
January 8, 2008, we entered into an Assignment Agreement with Gujarat State
Petroleum Corporation Limited (“GSPC”) pursuant to which we assigned all our
rights to receive a 30% participating interest in two exploration blocks awarded
by the Arab Republic of Egypt in exchange for an option, also entered into
on
January 8, 2008, exercisable on or before April 30, 2008 to reacquire all or
a
portion of those rights. Our rights in the two exploration blocks
arise out of a July 2006 joint study and bid agreement we entered into with
GSPC
and Alkor Petroo Limited to participate in the Egyptian government’s bid
solicitation process related to six exploration blocks. The bid partners
subsequently bid and won the right to explore two of the blocks, GANOPE Block
8
onshore (also known as South Diyur) and E-GAS Block 6 offshore (also known
as N.
Hap’y).
We
previously provided GSPC with non-refundable bank guarantees totaling US$1.17
million, approximately 2% of our share of the joint bidders’ total financial
commitments for conducting the first exploration phase on the two exploration
blocks. In the event we exercise the option, we will be required to
pay to GSPC our pro rata share of all costs and expenses from the effective
date
of the option agreement (December 31, 2007). We will also have to
provide to GSPC bank guarantees equal to the remaining 98%, based upon our
share
of the rights we elect to reacquire, of the total financial commitment for
conducting the first exploration phase on the two exploration
blocks. If we elected to participate to the full 30%, these
additional bank guarantees would amount to approximately US$56.4
million. In addition to the non-refundable US$1.17 million of bank
guarantees, our oil and gas assets included at December 31, 2007 approximately
US$2.4 million relating to our interests in the two exploration blocks which
will be carried forward as an investment in the option pending our determination
whether we will exercise any portion of the option.
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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10.1
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Assignment
Agreement for Exploration Blocks in Arab Republic of Egypt dated
January
8, 2008.
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10.2
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Option
Agreement for Participation in Exploration Blocks in Arab Republic
of
Egypt dated January 8, 2008.
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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: January
14, 2008
GEOGLOBAL
RESOURCES INC.
(Registrant)
/s/
Allan J.
Kent
Allan
J.
Kent
Executive
VP & CFO