GeoPetro Resources Company Announces 2nd Rig Tendered For Bengara-II 2007 Drilling Programadmin
GeoPetro Resources Company (“GeoPetro” or the “Company”) recently announced that its 12% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. (“CGB2″) has called for tenders to provide a second drilling rig to drill the third and fourth wells of the four planned wildcat exploration wells for this year on the Bengara-II PSC, onshore East Kalimantan, Indonesia. Bid submission closes on the 18th of May and CGB2 expects to award the drilling contract shortly thereafter.
The second rig is being sought to accelerate the planned exploration program and ensure GeoPetro’s objective of completing the drilling and testing of four new exploration wells this year. The second rig will be a smaller, lighter and more compact unit than the first rig deployed. It will not be capable of drilling as deep as the first rig but will be sufficient to drill two of the four planned 2007 wildcats and allow CGB2 to drill two wells at the same time.
The first rig is set to drill the first planned exploration well, the Seberaba-1, to a programmed total depth of 13,200 feet. That rig is now on location and rigging up and is expected to commence drilling shortly. The Seberaba-1 will take 75 to 90 days to drill and test. Upon completion of drilling and testing operations on the Seberaba-1, the rig will be moved to drill the Punga-1 prospect to 12,500 feet.
The second rig is expected to be on location in the third quarter of 2007 to spud the first of two other exploration wells, planned for the Apung-1 and Bekawas-1 prospects, each programmed to a total depth of about 6,900 feet.