The well is scheduled to be drilled to a total depth of 5840 feet and will target the Upper and Lower Rudeis sandstone reservoirs similar to the nearby West Bakr M and K fields operated by the Japanese group Epedeco since 1982. The West Bakr M field has produced to date 6.5 million barrels since 1991 and the K field has produced to date 26 million barrels since 1984 and both currently produce 4000 bopd.
The ZJ45 rig will then move to the next location, Hoshia-1, which is planned to be drilled to a depth of 4500 feet targeting the Nubia sandstone reservoir with possible shallower targets in the Lower Rudeis sandstone, Cretaceous sandstone and Eocene limestone reservoirs. The Hoshia-1 well will be located approximately 14.5 km northwest of the Hana field.
The Company has a 45% working interest in the West Gharib concession and 70% working interest in the Hana field production.
In addition, the Company reports that the private placement as announced on November 5, 2004 has closed. Tanganyika sold 2 million shares at a price of $6.75 per share for gross proceeds of $13.5 million. The Company has received regulatory approval and the securities have been issued to the investors.
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