Thanks for the replies everyone.
I had never heard of a geosynchronous satellite before so you have given me some interesting homework to study up on.
I was really puzzled by the "UFO's" characteristics. It was so small and the flashing sequence was something I couldn't recognise. I wasn't sure if planes changed their flashing pattern once they had left/or arrived at a certain altitude so that is why I put the question out there.
Thanks again
Simmo