just to indicate how much the fortuna contract could be worth.
Fortuna drilling programme:
On 19 December 2003, the Company announced that it had been awarded a 90 per
cent. Working interest in the Fortuna Association Contract, covering a 219 sq km
Block in the Middle Magdalena Basin of Colombia. Currently, the Company is
acquiring about 60 km of new 2D seismic. It has been estimated by Geoadinpro
Ltda, the Company's partner in the Fortuna Association Contract, that the Lisama
formation in the Block may contain up to 30 million barrels of Potentially
Recoverable Oil. The Company intends to drill the first exploration well in the
Block, targeting the Lisama formation, in the first quarter of 2005. As the
Lisama formation lies at a depth of around 5000 feet, the cost of drilling the
Fortuna #1 well is not expected to exceed $1.1 million. Successful drilling of
the Fortuna #1 well would be followed by drilling of up to 7 further wells on
the Fortuna Block in 2005.
note the 30m barrels just in the lisama. also seems to be behind as well. ken
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