The Company's 12% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has awarded a turn-key, integrated drilling services contract to drill and test Seberaba #1, the first of four wells currently planned for 2007 on the Bengara Block.
Upon completion of the Seberaba #1 operations, three additional wells are planned for drilling utilizing the same rig.
The Bengara Block is located in the Tarakan Basin, mostly onshore but partially offshore astride the Bulungan River delta in the Indonesian province of East Kalimantan. It covers a single contiguous area of approximately 900,000 gross acres. The Tarakan Basin is one of five sedimentary basins making up eastern Borneo on the eastern margin of the broad area of Southeast Asia and is one of the deepest in Indonesia, with seismic surveys indicating depths greater than 20,000 feet in the Tarakan Basin southeast of Bunyu Island.
GeoPetro is an independent oil and natural gas company headquartered in San Francisco, California. GeoPetro currently has projects in the United States, Canada, Indonesia and Australia. The projects encompass approximately 1.56 million gross (396,080 net) acres consisting of mineral leases, production sharing contract and exploration permits that give GeoPetro the right to explore for, develop and produce crude oil and natural gas. GeoPetro has developed a producing property in its Madisonville Project in Texas. Elsewhere, GeoPetro has assembled a geographically diversified portfolio of exploratory and appraisal prospects.
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