The KG#11 well was drilled to a total depth of 2,875 meters and the results of this stratigraphic test of the northern portion of the KG Block successfully established the presence of multiple reservoirs within the Upper Cretaceous formation and the newly defined prospective rift filled sequence of possible Permo-Triassic Age. However, hydrocarbon quantities were not found as these formations were breached at this well location. This geologic information will be incorporated into the 3-D seismic to define additional future drilling targets where fault breach is not present.
The Company further announced that the drilling rig has been moved to the next location and the drilling of the KG#8 well is expected to commence this week. The KG#8 well is situated approximately 19 kilometers southwest of the KG#1 well and approximately 27 kilometers south of the KG#11 well in the southwestern corner of the KG Block in shallow waters of approximately 60 meters.
The KG#8 well location has been selected to test both a shallow stratigraphic sandstone channel fan complex at a 2,500 meter depth and a structural four-way closure at a 4,000 meter depth as defined by 3-D seismic. The well will be drilled vertically to a minimum 4,200 meter depth and will test the syn-rift sedimentary section that is expected in the southern area of the KG Block.
The KG#8 well is the third well of the 14 well drilling program intended to be completed over the next 9 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.
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.
GeoGlobal's management and staff wish to express their sympathy to the thousands of people affected by the Tsunami that hit India and several other Asian countries on December 26, 2004. There were no major logistical interruptions to our drilling operations resulting from this tragic event.
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