GeoGlobal Awarded Two NELP V Blocks
GeoGlobal Resources has been confirmed as being awarded participating interests in two new onshore Exploration Blocks in India under the Fifth round of the New Exploration Licensing Policy (NELP-V) bidding which closed on May 31, 2005. These blocks include Block 12 under NELP-V (DS-ONN-2003/1), which covers an area of approximately 3,155 square kilometers (sq. km) onshore in the Deccan Syneclise Basin located in the northern portion of the State of Maharashtra in west-central India and in which GeoGlobal will hold a 100% participating interest ("PI") and be the operator. Also included is Block 11 under NELP-V (CB-ONN-2003/2), which covers an area of approximately 448 sq. km onshore in the State of Gujarat south-east of GeoGlobal's three Cambay blocks. GeoGlobal is part of a consortium and holds a 10% PI in Block 11. Gujarat State Petroleum Corporation is the operator and holds a 50% PI, with the remainder held by GAIL (India) Ltd. and Jubilant Capital Pvt. Ltd.
The Production Sharing Contracts ("PSC") for these blocks are
expected to be signed on September 30, 2005, in New Delhi, India. The
PSC's expected to be entered into will each provide for specified
work commitments to be performed over three phases over a period of a
total of seven years. Under the PSC for Block 12, the Phase I work
commitment is to conduct a gravity and magnetic ground survey,
geochemical survey and acquire a 12,000 line km aeromagnetic survey.
In Phase II we are to acquire 500 line kms of 2-D seismic and drill 1
exploration well to 1,500 meters or 500 meters below the Deccan trap.
In Phase III we are to acquire 250 sq. kms of 3-D seismic and drill 2
exploratory wells to 2,000 meters. Under the PSC for Block 11, the
work commitment is to reprocess 650 line kms of 2-D seismic, conduct
a geochemical survey, acquire 448 sq. kms of 3-D seismic and drill a
total of 24 exploration wells to various depths between 1,500 and
3,000 meters. The Company will be required to fund its proportionate
share of the costs incurred in these activities estimated to be
approximately US$9.5 million over the seven years.
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