With the completion of testing of Object 4, the testing of the KG#15 well has now been completed. Object 4 involved the testing of 33 meters of perforations over the interval depth of 4,464 to 4,587 meters measured depth at a stabilized flow rate of 8.5 million standard cubic feet per day ("MMFSCD") of gas and 55 barrels per day ("BBL/day") of condensate, at a flowing well head pressure ("FWHP") of 3,893 psi through a 20/64 inch choke. The testing results of Object 3 were previously announced on December 28, 2006.
The KG#15 operations are currently in the process of being suspended. It is anticipated that drilling of the next well, the fourth from the KG#8 platform will commence the beginning of February. This new well, denominated as the KG#28 well will be drilled directionally to a total vertical depth ("TVD") of 5,500 meters deviating approximately 1,500 meters East of the KG#8 platform. The KG#28 will be the sixth well drilled by the Saipem Perro Negro 3 jack-up drilling rig of the ten wells contracted.
As previously announced, GSPC has entered into a 25 month contract with Atwood Oceanics Inc., a Houston based International Offshore Drilling Contractor, for the Atwood Beacon jack-up drilling rig to drill additional exploration wells on the KG Block.
On January 3, 2007 GSPC spud the KG#16 well, which is the first well to be drilled using the Atwood Beacon. The KG#16 well is situated approximately 5 kilometers East of the KG#8 platform where the Saipem Perro Negro 3 jack-up drilling rig is located. The KG#16 well is being drilled vertically to an intended depth of 5,500 meters TVD in shallow waters of approximately 109 meters to further delineate the extent of the KG structure.
The Company further announced that GSPC has entered into a contract with Essar Oilfield Services Limited ("EOSL"), a subsidiary of Essar Shipping & Logistics Ltd. of Cyprus, for a semi-submersible rig named "Essar Wildcat". The Essar Wildcat is a self propelled drilling rig suitable for deployment in water depths of 400 meters and has a drilling depth capacity of 7,600 meters. GSPC intends to commence drilling additional wells in the deeper water in the KG Block by April 2007. The initial term of the contract is for two years from the date of spud of the first well, with the option of two extensions, each for one year.
Mr. Jean P. Roy, President and CEO of GeoGlobal stated "We are very excited to soon have three rigs drilling concurrently in the KG Basin. The Atwood Beacon is currently drilling the KG#16; the Saipem rig should spud the KG#28 by the first part of next month; and the Essar Wildcat should be in a position to spud our first well in deep water by mid year 2007. The increased activity on this block shows the commitment and determination of GSPC to fulfill our KG drilling obligations and to place the Deen Dayal field on production as soon as possible."
GeoGlobal also announced that it has been advised by Mr. Roy, that he has transferred, by way of a gift, 500,000 shares of GeoGlobal from his personal holdings to the Gujarat Energy Research & Management Institute in Gandhinagar, India. Following this transaction, Mr. Roy owns 32,016,000 shares or approximately 48.30% of the shares presently outstanding.
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