Drilling operations have commenced on the Estero #4 well, located in the Llanos basin of Colombia, South America. The Estero #4 well is a development well in the Palo Blanco field. This well is the first of Global's drilling projects under its 2004 capital expenditure budget. The Estero #4 well is expected to take up to 30 days to drill and an additional 15 days to complete, should drilling results be favorable. The Estero #4 well has a projected drilling depth of approximately 8,700 feet and will target both the Ubaque formation and the Mirador formation.
Harken's Colombian operations are all conducted through its ownership in Global Energy Development plc ("Global") (a public limited company registered in England and Wales under the Companies Act (1985) of the United Kingdom). Harken owns 85.62% of Global's ordinary common shares.
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