The GS-01 license, in which the Company holds a 10% participating interest and is operated by Reliance Industries Limited, is located in the Gujarat-Saurashtra Basin on the West Coast of India and covers an area of 8,841 square kilometers.
The exploratory well GS-01-B1 commenced drilling on March 2, 2007 in a water depth of 79 meters with the semi-submersible Rig "Actinia". The exploration well was drilled to a depth of 2,282 meters measured depth from the rotary table ("MDRT") and encountered natural gas and condensate within the mid Miocene Limestone over an interval from 1,988 to 2,052meters MDRT.
Two intervals selected for cased hole drill stem testing ("DST"), were 1,988 to 1,993 meters and 2,019 to 2038 meters MDRT respectively. The test produced natural gas at a rate of 18.6 million cubic feet per day ("MMCFD") together with 415 barrels a day ("bbls/d") of condensate through a 56/64" choke with Flowing Tubing Head Pressure ("FTHP") of 1,346psi.
Although early indications are very encouraging, the potential extent and commerciality of the above discovery is yet to be established. Analysis of the well results is ongoing and it is anticipated that further exploration and appraisal activities will be proposed by RIL in the near future.
Commenting on the well results, Yogeshwar Sharma, Managing Director of Hardy said:
"We are delighted with another positive result from our exploration activity. We are encouraged by the initial results of this well and the overall improvement of the prospectivity of this extensive exploration license."
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