March Resources reports that further to its announcement on its Chilean project on October 31, 2007, the rig arrived in the port at Houston and has been loaded on the ship which will deliver the rig to the Chilean port city of Iquique.
The ship has departed from Houston and is enroute to Chile. Once the ship has arrived in Iquique, Chile the rig will be loaded on to trucks and moved to the site for the Pica #1 well. It is expected that the rig will be on site in early January.
March has completed all the preliminary work on the well including the setting of conductor pipe on Pica #1. Once the rig arrives on site, it will take approximately ten days for it to be ready to commence drilling of the Pica #1 well. All logistical operations are in place for March to be able to drill the initial well and then move quickly to Pica #2 well. It is anticipated that Pica #1 will be completed within 45 days of the spud date, with results available immediately thereafter.
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