Following the signing of Geophysical Service Contract as previously announced on May 11, 2006, the vessel Binhai 512 arrived on location, after mitigating the delays caused by the recent tropical storm "Pearl" in the offshore China region. The 3D seismic survey for Primeline has successfully commenced.
This 3D survey is designed to better evaluate the nearby prospects to the existing gas discovery Lishui 36-1, and is a crucial step in the selection of the next well location. The survey is expected to last around 2 months with processing and interpretation planned for the second half of 2006. The timing of the 3D survey will allow the Company to embark on a drilling program for the end of 2006/early 2007 subject to rig availability.
The Company owns a 75% interest in the Petroleum Contract for Block 25/34 in the East China Sea with China National Offshore Oil Corp and is the operator for the Block. The Company made the gas discovery, Lishui 36-1, in the Block through two wells which had flow rates of 9.8 and 12 mmcfd of natural gas, respectively. The Block encompasses 7,006 sq kms which contains the Lishui Gas play and many other potential prospects.
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