The GSF Adriatic VI will continue the phased drilling program that commenced in January when the EOV-4 appraisal/development well successfully proved up the eastern flank of the EOV Field.
The field development plan calls for production from four wells to a single unmanned platform tied back to a Floating Production, Storage and Offloading vessel (FPSO). Production of the light crude (37.5 API) will be processed on the FPSO and is expected to commence in late 2006.
The Company will update the market regarding the financing of its development program in due course.
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