Commenting on this, Robert Adair, Chairman, said:
'The short delay caused by the need for this repair is frustrating, especially having suffered an earlier delay to the offshore line caused by storm damage. However, there is little impact on the fundamental economics of the Galata project. The development will have been completed in less than fourteen months which is a considerable achievement by our project team.
The completion of the project will also open up the considerable potential of the further exploration opportunities both on the Galata trend, where potential reserves vary from 50 to 100 Bcf, and also in the channel play in the south of Block 91-III and Block Kaliakra 99, where potential reserves are well in excess of 1 Tcf . We intend to test both of these plays with exploration wells planned for the third quarter of this year.
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