GeoGlobal Announces Natural Gas Discovery at KG#8
GeoGlobal Resources reported that Mr. Narendra Modi, Chief Minister of the State of Gujarat, India announced at a press conference held in Ahmedabad, India on Sunday June 26, 2005 a discovery of natural gas in the KG#8 well in the Krishna Godavari basin on Exploration Block KG-OSN-2001/3 ("KG Block") off the east coast of India. Gujarat State Petroleum Corporation, the operator of the KG#8 well in the KG Block, successfully completed initial testing of 10 meters of perforations across the interval depth from 4,747.5 to 4,777 meters at a stabilized flow rate in excess of 10 MMSCFD of gas at a wellhead flowing pressure of 4,500 psi. GSPC intends to continue testing in the 5 inch casing from 4,747.5 to 4,993 meters prior to moving uphole to test intervals from 4,205 to 4,700 meters in the 7 inch casing. This testing program was designed based upon independent log analyses and hydrocarbon shows while drilling.
GeoGlobal stated that testing has proved gas is present at good production rates, but that it is premature to quantify the amount of proved and probable natural gas reserves that may be in place at this time. Additional testing and technical evaluation must be completed, and more exploratory wells must be drilled in order to establish the extent of the field and to estimate the natural gas reserves discovered. GeoGlobal's interpretation of 3D seismic indicates that the KG#8 structure (referred to as "Deen Dayal") may cover a 100 sq km area. Further exploratory drilling over the coming months at approximately 4 kilometer stepouts to the east of the KG#8 well is intended to be undertaken to delineate the extent of the structure. GSPC stated that commercial production is expected to commence before the end of 2007.
The KG#8 well is the third exploration well drilled of a 14 well
drilling program committed under the terms of the Production Sharing
Contract relating to the KG Block within the Krishna Godavari basin.
GeoGlobal has been advised by GSPC that it is seeking additional high
temperature - high pressure drilling rigs in this connection. The
KG#8 well was drilled to a depth of 5,061 meters, which is the
deepest well drilled offshore to date in the KG basin. Until the
commencement of commercial production, GeoGlobal has a 5% net carried
interest in the 14 wells being drilled under the Production Sharing
Contract in the KG Block.
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