Norwood, MPG Sign Drilling Contract, First Spud by Nov 30

Exploration on Nicaragua's Coast
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Vancouver-based hydrocarbons exploration and development company Norwood Resources reported on Tuesday its Nicaraguan subsidiary had signed a drilling services contract with Mexican drilling services firm Multiservicios de Perforacion Geopetroleros (MPG).

Norwood Nicaragua plans to use MPG's Gardner Denver 1500 HP drilling rig 15 to drill on its onshore concession on the Pacific coast of Nicaragua that spans 845,000 acres (3,400 sq km), Norwood Resources said in a statement.

The one-year contract, which also includes other services and equipment that Norwood will use during initial drilling, calls for a spud date for the first well no later than November 30.

Based on seismic data that Norwood acquired and interpreted this year, the company has concluded that large areas of the survey contain inter-bedded turbidite sand sequences as thick as 1,500m in places.

The thickest individual sand members (up to 100m) within the mapped structural closures formulate the first drill targets. The wells are designed to depths from 2,200-2,800m.

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