As previously reported, Gujarat State Petroleum Corporation, the operator of the KG Block contracted Saipem for the Perro Negro 3 to commence a 4 well exploratory drilling program on the KG Block for a period of 200 days. Under the terms of the contract, GSPC has the option of extending the terms of the contract for 6 additional exploratory wells.
The Perro Negro 3 is situated in shallow waters of approximately 70 meters deep and the KG#1 well will be drilled to a total depth of approximately 3,300 meters. The KG#1 well location was selected using 3D seismic data previously acquired by the Company and is situated on a structural closure defined by this 3D seismic. Well operations will take approximately 70 days to drill, log, case, test and evaluate all pay zones.
The KG Block is adjacent to the recent gas discoveries made on Block KGO-2 by ONGC of India and on Block KG-DWN-98/3 (Block D6) by Reliance Industries of India and their partners Niko Resources Inc. and the Government of India.
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