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Monday, August 22, 2011

GeoEnpro Drills 2nd Well in Kharsang Drilling Campaign

- GeoEnpro Drills 2nd Well in Kharsang Drilling Campaign

Monday, August 22, 2011
Jubilant Energy N.V.

Jubilant announced that KPL-C, the second of the seven development wells of the Phase-III drilling campaign in the Kharsang Field, Arunachal Pradesh was spudded on August 22, 2011.

The first development well KSG#57 (previously referred to as KPL-A), which was spudded oJuly 28, 2011, has been successfully drilled within budget and time by 15 August 2011. Based on the Wireline log interpretation results, formation pressure data from Sequential Formation Testing and Side Wall Core results, the consortium has identified four separate intervals totaling to 20 meters of net sand for testing. The well KSG#57 will be tested with the smaller capacity work-over rig which was deployed at the site on 21 August 2011. The testing results are expected within 7 to 10 days from the start of the testing.

KPL-C, the second development well is located in the eastern area of the field and is a step out location to target the shallow C-50, D-00 and also deeper Girujan reservoirs. The well will target structurally higher bright amplitude prospects identified by Seismic in this eastern part of the field. The well will be deviated by approximately 712 meters to the ESE direction from the existing plinth of well KSG-39 and a target depth of around 1224 meters True Vertical Depth ("TVD") with the option of continuing to 1598 meters TVD if appropriate. The well is expected to take four weeks to drill and the estimated cost is approximately USD 2.3 million (USD 0.57 million net to Jubilant).

GeoEnpro Petroleum Ltd., a joint venture of GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the operator of the Kharsang Field. Jubilant holds a 25% interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt Ltd. The other members of the consortium are Oil India Ltd and GeoPetrol.

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