The operator has executed a drilling contract for SMI 138. The rig will be towed into to location as soon as weather conditions are favorable. Current forecasts indicate that this will probably occur on or around 27 December 2006.
This well is targeting multiple Pleistocene age Lentic sands that range in depth from 2,980 meters to 3,600 meters (9800 feet to 11,800 feet). The planned total depth is 3,627 meters (11,900 feet). The well is expected to take approximately 35 days to drill. The well is targeting an oil resource estimated at between 6 million and 10.1 million barrels of oil or if the reservoir contains gas, between 22.5 and 33.6 BCFG.
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