The seismic is being acquired around the two producing wells located on the Rio Verde acreage, the Tilodiran #1 and Macarenas #1, in order to evaluate and then proceed with the drilling of additional wells within the contract area. In addition, a proportion of the seismic is being acquired elsewhere in the contract area to consider future exploratory wells. The new seismic will be processed alongside with the reprocessing of 300 kilometers of existing seismic as required under the terms of the contract.
"The company is very pleased with the progress made in the Rio Verde Contract," said Stephen Voss, Managing Director of Global. "The Tilodiran #1 and Macarenas #1 were rapidly brought on to production following the contract signing in September last year and have had good ongoing performance."
Cumulative production to date from Tilodiran #1 and Macarenas #1, which commenced in December 2004 and January 2005 respectively, is approximately 48,000 barrels. "The new seismic data will enable Global to select optimum locations for further drilling in Rio Verde and we hope to be able to commence the drilling of Tilodiran #2, before the end of 2005," said Voss.
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