At the Chaco Basin properties in Paraguay, CDS Oil & Gas Group plc has commenced a 2-D seismic program in the immediate area around the Emilia well and will continue to complete the 700-kilometer survey on the Boqueron Block, with the 281-kilometer program on the Gabino Mendoza Block to follow.
This program will substantially add to the 2-D seismic database which was compiled by earlier exploration companies in the 1970s and 1980s and which was re-processed by CDS in 2007.
Carson Helicopters of Perkasie, Pennsylvania has completed a 9,200 km aeromag and aerogravity program over the Boqueron, Gabino Mendoza and PG&E Blocks. Final results from analysis of data are expected in mid February 2008.
ETI of Houston, Texas, has commenced a reconnaissance geochemical program on the Gabino Mendoza and Boqueron Blocks and will complete the program over the three blocks after the rainy season.
Line opening for the geochem and seismic programs has been completed on the Gabino Mendoza Block and is 60% completed on the Boqueron Block. This work has been undertaken by Paraguayan contractors.
Once these work programs are completed the results of the three surveys will be correlated and used to select drill targets. It is expected that drilling will commence in the second half of 2008, depending upon rig availability.
CDS, through its Paraguayan subsidiary, CDS Energy S.A., has a 98.1% working interest in three large blocks with substantial oil and gas exploration potential in the prospective eastward extension into northwest Paraguay of the productive Bolivian Chaco Basin.
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