GeoGlobal Resources Spuds Fourth Well in KG-OSN-2001/3 Block

GeoGlobal Resources reports that drilling of an exploratory well identified as KG#17, intended to delineate the extent of the KG structure, from the KG#8 well platform had commenced on August 23, 2005. KG#17 will be drilled directionally to an intended vertical depth of 5,300 meters deviating 1.7 kilometers to the northeast of the KG#8 discovery.

GeoGlobal further announced that the operator of the KG Block, Gujarat State Petroleum Corporation Limited (GSPC), is negotiating a contract for a second jackup rig of 15,000 psi rating capable of working in water depths up to 150 meters in order to drill additional vertical delineation and exploratory wells on the KG Block.

The Company also announced that testing of the KG#8 exploratory well, offshore India, has been temporarily suspended until after drilling of KG#17 has been completed. It has been previously reported that the testing of 10 meters of perforations across the interval from 4,747.5 to 4,777 meters resulted in a stabilized flow rate in excess of 10 Million cubic feet per day (MMSCFD) of gas at a wellhead flowing pressure of 4,500 psi. A second test was conducted of an additional 29 meters of perforations across the interval from 4,747.5 to 4,993 meters in combination with the first 10 meters of perforations. The test was stopped due to sand production at the surface, which had damaged the surface choke and equipment. Testing of the upper zones from 4,245 to 4,666 was suspended to commence the drilling at KG#17 and in order to attempt to maintain the integrity of the well as a future production well. It is anticipated that these zones will be tested in future wells.

Mr. J.P. Roy states, "Our experience with drilling the KG#8 well will, we believe, enable us to optimize our drilling, logging and testing equipment and procedures in connection with drilling the KG#17 well and thereby, we expect, enable us to complete a platform, pipeline and production design."

The KG#17 well is the fourth well of the 14 well drilling program committed by GSPC-JEL-GGR consortium under the terms of the Production Sharing Contract relating to the KG-OSN-2001/3 Block in Krishna Godavari basin.

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