CAMAC announced the spudding and progress of its ZJS-04 well in China. Drilling is expected to take about 50 days to reach the well's target depth of approximately 5,900 feet. Currently the penetrating depth is 2,630 feet drilled towards the main target formations.
"We are very pleased to announce the spudding of this well," said Chief Executive Officer, Kase Lawal. "The work program in China continues to move forward, which is an important step towards further evaluating the resource potential of the Zijinshan Gas Asset."
The ZJS-04 well is the second well of the three wells planned to be drilled in 2011, in accordance with the annual work program as approved by CAMAC Energy and its Chinese Partner, PetroChina CBM Co.
The Company's Zijinshan Gas Asset covers an area of 175,000 acres in the Ordos Basin in the Shanxi Province, the second largest petroleum bearing basin in China. It is in close proximity to major infrastructure, including the West-East Gas pipeline and the Ordos-Beijing Pipelines.
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