Contracts have been executed and deposits paid with Coscol (HK) Investment & Development CO. of Hong Kong for the Tai An Kou heavy lift vessel to bring Songa's jackup, Songa Tellus to the Cook Inlet. The rig will be leaving the Gulf of Mexico in late May and arriving in the Cook Inlet in early August.
The Songa Tellus is an independent leg cantilever jackup capable of working in 250 feet of water with a drilling depth capacity of 20,000 feet. The Tai An Kou is a heavy lift vessel 512 feet long and 106 foot wide.
The schedule is to drill the #1 East Kitchen well to a depth of 17,000' in the summer of 2006, and the #1 Kitchen well in the spring of 2007. The Kitchen prospects alone have 1.2 billion barrels of oil and almost 7 tcf of gas in un-risked, in-house reserves -- 400 million barrels of oil and 2.7 tcf of gas at East Kitchen and 800 million barrels of oil and 4 tcf of gas at Kitchen.
Escopeta and Centurion are the first independent oil companies to bring a jackup rig to Alaska in the history of the Cook Inlet Basin, and this is the first time a jackup has been in the inlet for 14 years.
Centurion Gold Holdings is a resource development company that acquires, develops and mines or spins out natural resource assets. The Company's mineral assets generally have combined the potential for a near term revenue stream and existing low cost production operations with turnaround opportunities. Based in South Africa, the Company is ideally suited to exploit new legislation implemented by the South African government in May 2004. This legislation enforces a "use it or lose it" strategy, whereby all mining claims must be prospected within a designated time frame; otherwise, such prospects revert to the state, thereby creating never-before-seen opportunities, particularly for smaller companies like Centurion. The Company has built a strong team of experienced management and operations mining professionals to exploit these opportunities and is positioning itself to become a major producer by continually implementing its "growth through acquisition" strategy.
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