GeoGlobal Resources says that the KG#8 well located within the Krishna Godavari Basin on Exploration Block KG-OSN-2001/3 ("KG Block") off the east coast of India has been drilled to a depth of 4,595 meters with what Gujarat State Petroleum Corporation (operator) believes to be encouraging results. The well is currently being logged and evaluated prior to further drilling and a more definitive evaluation of the results of the well must await completion of the logging. GSPC then anticipates drilling the well to a total depth of 5,000 meters after which the well will be logged, cased, and tested. The results to date are considered by management to be preliminary and should not be considered to be a final determination of the results of drilling the well. There can be no assurance that the well will be determined to be a commercially productive well.
The KG #8 well was spud on January 17, 2005 and is the third well of the 14 well drilling program under the terms of the Production Sharing Contract relating to the KG Block. The well was drilled by Saipem's jackup, Perro Negro 3. The KG#8 well is the deepest well drilled offshore to date in the KG Basin, and further exploration drilling will likely continue at these depths. GeoGlobal has a 5% net carried interest in the wells drilled on the KG Block.
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