“The survey is the first phase of the work program that Oilex, Gujarat State Petroleum Corp. Ltd (GSPC), and Videocon Industries Ltd are conducting as part of the farmin agreement signed with Great Artesian Oil & Gas Ltd. (GOG) in February,” McCarthy stated in an announcement to the London Stock Exchange. “The purpose is to refine the maps with the new data, determine the leads that may be upgraded to prospects, and define optimal drilling locations on those prospects.”
McCarthy added that the data should be completely processed and interpreted by October 2006. The joint venture partners expect to drill at the earliest opportunity thereafter, depending on the availability of a suitable drilling rig.
Oilex (operator), Videocon, and GSPC are funding the program 33.3% each as part of their commitment to earn 20% each in the permit. GOG holds the balance of 40% equity in the permit.
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