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The Resource Project
- AA-ONN-2003/2 onshore exploration block was originally awarded in October 2005.
- The 295 km2 block is 2.5 km from the producing Kharsang oil field, which Geopetrol jointly operates, and approximately 150 km northeast of Canoro’s exploration and development blocks in Assam.
- The block has an initial seven-year exploratory period, broken into three phases, followed by a 20-year production term for any commercial discoveries. The first exploratory phase includes a minimum work commitment of 200 km of 2-D seismic acquisition, 100 km2 of 3-D seismic acquisition, both of which have been completed, and seven exploration wells of varying depths between 2,000 and 4,000 meters over the first three years. Phases two and three, each two years in duration, have less significant drilling commitments.
- Based on the results of the seismic data, three drilling locations have been identified. The first of seven exploration wells is planned to spud during the second quarter of 2009. This initial well is anticipated to be over 2,6000 meters in depth, testing multiple targets.
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