The Contract, which Global owns 100% of and is subject only to an initial 10.5% royalty, covers approximately 75,000 acres in the central Llanos region and currently contains two producing wells, Tilodiran #1 and Macarenas #1, which were successfully recompleted and brought onto production in late 2004 and early 2005 respectively. Cumulative gross production from these two wells has since been over 87,000 barrels of oil.
The rig mobilization to Tilodiran #2 at this time represents an acceleration of the work program required under the terms of the Contract which specifies that Global must drill the first exploratory well during phase two which commences in May 2006.
Global has acquired and processed 56 kilometers of new 2D seismic within the Contract area during 2005 and reprocessed 300 kilometers of existing seismic in order to select optimum drilling locations. Tilodiran #2 is located approximately 2,200 feet northeast from and in a geologically favorable position updip to Tilodiran #1. Global expects to spud Tilodiran #2 in mid to late December 2005.
Most Popular Articles
From the Career Center
Jobs that may interest you