The KG#11 well is to be drilled to a depth of 2,200 meters and is situated 10 kilometers north of the KG#1 well in shallow waters of approximately 46 meters deep. The KG#11 well site has been chosen to test a second play type and will evaluate stratigraphy in the northern portion of the KG Block. The well is targeting a syn-rift sedimentary section ranging in age from Permo-Triassic to Lower Cretaceous with structural closure based on 3-D seismic.
The KG#11 well is the second well of a 14 well drilling program to be completed over the next 10 months under the terms of the Production Sharing Contract relating to the KG Block. GeoGlobal has a 5% net carried interest in the wells drilled on the KG Block.
The KG#1 well was abandoned because of drilling problems before the primary objective was fully evaluated. A follow-up well to test lateral objectives of KG#1 is being scheduled for the first half of 2005.
As previously announced, Gujarat State Petroleum Corporation ("GSPC"), the operator of the KG Block contracted with Saipem SPA, part of ENI, Italy for the Saipem Perro Negro 3 drilling rig to drill an initial 4 well exploratory drilling program on the KG Block. GSPC has the option of extending the contract for 6 additional exploratory wells.
In addition, GSPC is seeking bids from several drilling contractors to bring a second rig to the KG Block with final bids expected to be received by the end of the year.
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