GSPC has completed drilling the KG#16 well to a total depth ("TD") of 5,372 meters measured depth ("MD") (5,369 meters total vertical depth ("TVD")). A complete suite of modern logs has been run and the well is currently being cased with a 7-inch liner to TD. A testing program has been designed based upon independent log analyses, as well as core samples, MDT's ("Modular Formation Dynamics Tester") and hydrocarbon shows while drilling. The testing program is expected to commence before the end of May.
On January 3, 2007, GSPC spud the KG#16 well; which is the first well drilled using the Atwood Beacon jack-up rig for the GSPC led consortium in the KG Offshore Block. The KG#16 well is situated approximately 5 kilometers East of the KG#8 platform and was drilled vertically in shallow waters of approximately 109 meters.
The KG#28 well, which commenced drilling on February 6, 2007, has reached 5,354 meters MD and 4,950 meters TVD as reported by the operator on May 9, 2007. The KG#28 well is the sixth well being drilled using the Saipem Perro Negro 3 jack-up rig from the KG#8 platform. The KG#28 well, a further exploratory well, has been classified by the management committee as an "appraisal well" for the purposes of the PSC and it is being drilled directionally to an intended TVD of approximately 5,050 meters deviating approximately 1,500 meters East of the KG#8 platform.
GSPC has recently contracted a fourth drilling rig named "Deep Driller 1." The Deep Driller 1 is owned by Sinvest ASA out of Norway and is a jack-up rig capable of operating in water depths of approximately 120 meters. The term of the contract is for two years from the date of spud of the first well.
On May 8, 2007, GSPC commenced drilling the KG#30 exploratory well with the Deep Driller 1. The KG#30 well is situated approximately 15.5 kilometers Northeast of the KG#11 well, and is intended to be drilled vertically in shallow waters of approximately 45 meters to a TVD of approximately 4,200 meters. The KG#30 will be the first exploratory well to test the deepest part of the northern graben in the KG Offshore Block.
As previously announced, GSPC has further entered into a contract with Essar Oilfield Services Limited ("EOSL"), a subsidiary of Essar Shipping & Logistics Ltd. of Cyprus, for a semi-submersible drilling 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 Offshore Block by the third quarter of 2007. The initial term of the EOSL 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 looking forward to having 4 drilling rigs available in the KG Basin. GSPC has done a tremendous job in making available these 4 rigs to pursue development and exploration in our KG Offshore Block."
GeoGlobal Resources Inc., headquartered in Calgary, Alberta, Canada, is a US publicly traded oil and gas company, which through its subsidiaries, is engaged primarily in the pursuit of petroleum and natural gas through exploration and development in India. Since inception, the Company's efforts have been devoted to the pursuit of Production Sharing Contracts with the Government of India. Currently, the Company is focused on the development of high potential exploration targets in the Krishna Godavari, the Cambay, the Deccan Syneclise and Rajasthan basin areas.
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