GeoPetro's 12% owned subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has awarded a contract to a local seismic acquisition contractor to conduct a seismic acquisition program in the Bengara-II Block located on the island of Borneo in East Kalimantan, Indonesia.
CGB2 intends to acquire a total of 120 square kilometers of 3D seismic and 844 line kilometers of 2D seismic at an estimated acquisition cost of US $28,500,000. The primary objective of the 3D seismic program is to further define and delineate the Seberaba oil discovery and the Makapan gas/condensate discovery. CGB2 is considering a joint development of Makapan gas with Seberaba oil to achieve economies of scale and provide a gas source for fuel, pressure maintenance, and artificial lift of oil.
A large part of the 2D seismic program is also intended to provide additional definition of other exploration prospects in the Bengara-II Block to firm up new exploration drilling targets for the 2010/2011 drilling program. These prospects include the Galiadap structure underneath the "oil lake" seep in the southern region of the block.
A significant portion of the seismic acquisition program is expected to be conducted in the logistically difficult and higher cost "transition zone" between a shallow marine offshore and onshore terrain. The eastern portion of the Block is situated mostly onshore but partially offshore in the shallow waters of the Sulawesi Sea and the Bulungan River Delta.
An advance party has been mobilized to the site to make arrangements for necessary permits and prepare for the arrival of survey, line-cutting, and shot-hole drilling crews. CGB2 hopes to complete the entire acquisition program in 2010 and commence appraisal and additional exploratory drilling in late 2010/2011.
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