GeoGlobal Resources has provided an update of certain of its exploration activities that will be disclosed today at the 2009 Canadian Association of Petroleum Producers (CAPP) Oil & Gas Investment Symposium.
Tarapur Production Commences
The three discovery wells (Tarapur 1, Tarapur P and Tarapur 5) commenced production on different dates throughout May 2009 with average production on May 31, 2009 from the three wells being 585 BBbls/d of oil and 0.4 MMscf/d of natural gas. Total gross production for the month of May was 8,155 BBls of oil and 3.6 MMscf of natural gas. The Company's participating interest share of this production is 14%.
As previously announced, in a meeting held on May 4, 2009, the Management Committee approved the Tarapur 1 field development plan which covers an area of approximately 2.14 square kilometers within the Tarapur 1 Discovery Area of approximately 9.7 square kilometers and includes the three discovery wells plus three development wells (TDEV-1, TDEV-2 and TDEV-3). Five of these wells are currently tied into the oil tank storage facilities by way of a gathering system.
As at June 16, 2009, there are eleven additional wells which are drilled and currently being tested for tie-in to the oil tank storage facilities. GSPC as operator is currently in the process of preparing and filing the necessary declarations of commerciality and field development plans pursuant to the provisions of the PSC in order to bring these additional wells within the Tarapur 1 Discovery Area onto production.
As previously announced, the first drill stem test (DST-1) was conducted by perforating 37.5 net meters over the gross interval 5,593.7 to 5,642 meters MD. This successful DST-1 flowed during clean-up, on a 36/64 inch choke, at a stabilised rate of 20 MMscfd gas and 2,600 bbl/d water with 4,670 psi flowing well head pressure. During the main flow, on a 20/64 inch choke, the well flowed at a stabilised rate of 10 MMscfd gas and 1,200 bbl/d water with 7,220 psi flowing well head pressure.
The second DST (DST-2) has since been conducted by perforating 25 net meters over the gross interval 5,517-5,567 meters MD. This successful DST-2 flowed during clean-up, on a 24/64" choke, at a stabilized rate of 1.5 MMscf/d gas and 500 BBls/d water with 1,000 psi flowing well head pressure.
GSPC as operator is currently planning seven drill stem tests in total on the KG#21 well in the Lower Cretaceous sequence over the 722 gross meter interval of 4,920.5 to 5,642.5 meters and one drill stem test in the Upper Cretaceous sequence over the 15 meter interval 3,615 to 3,630 meters.
As previously announced, DST-1 was conducted by perforating 5.0 meters over the interval 4,852 to 4,857 meters MD. This DST-1 flowed during clean-up, on a 20/64 inch choke, at a stabilised rate of 0.7 MMscfd gas with 800 psi flowing well head pressure. DST-1 was stopped and the operator performed a hydraulic fracture over the same net 5 meter interval. DST-1A flowed during clean-up, on a 16/64" choke, at a stabilized rate of 6.3 MMscf/d gas with 5,500 psi flowing well head pressure.
GSPC as operator is currently planning two additional drill stem tests on this well over the 313 gross meter interval of 4,555 to 4,868 meters MD.
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