As a result, the Chinguetti 4-5 AEDW is now expected to spud on or about September 2, 2003. As previously advised Woodside, as Operator of the PSC Area B joint venture, had signed a contract with Smedvig Offshore AS for the drillship West Navigator to drill up to four wells in offshore Mauritania during 2003. The drillship is currently working in the North Sea, and has possibly been delayed from completing its work contract, thereby delaying its arrival in Mauritania. To avoid any delay to the drilling schedule and in particular the development timetable to achieve first oil production from the Chinguetti Field, it was decided to contract another drillship for the first well in the program. A decision will be made at a later date on whether to use the Jack Ryan drillship for the three planned exploration wells or accept the West Navigator drillship for this work when it becomes available.
Chinguetti 4-5 AEDW will be drilled on the southwestern part of the field approximately 900 meters northwest from Chinguetti-1 discovery well. It will be drilled within the current mapped oil reserve area and is not expected to significantly change the oil-in-place reserve estimates for the field. The well will be suitably completed for long term production with measures in place to control sand inflow. An extended production test (1-2 week production period) is also planned. The well would thereafter be suspended pending commissioning of the production facilities of the field in late 2005. The information gained from this early development well is expected to provide confirmation of the development scheme and has the potential to provide significant cost savings in the drilling and completion of further development wells. The three exploration wells that are planned to follow the drilling of Chinguetti 4-5 AEDW are:
Hardman Resources Ltd holds 21.6% and 18.0% equity in PSC Area B and PSC Block 7 respectively.
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