The KG#1 well has been drilled to a depth of 2,620 meters and a logging program has been completed. Based upon log analyses, GSPC is currently testing and evaluating this well for hydrocarbons. These log analyses are preliminary and exploratory and there can be no assurance that the outcome of these tests and evaluations will demonstrate the presence of hydrocarbons in commercially recoverable quantities or that any hydrocarbons that are present are capable of being recovered.
Upon completion of the testing and evaluating, the Saipem Perro Negro 3 drilling rig will move to the KG#2 well location which is approximately 2.5 kilometers due north of the KG#1 well and is situated in shallow waters of approximately 70 meters deep.
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