JKX in 2005

Dead right Banjo, the skids are on and he knows it! Great news. Happy New Year!


Black Sea (Georgia): (Andarko) 3D Surveys to commence

August 26, 2004

nadarko Petroleum Corporation at the start of next month will begin 3D geophysical studies of oil and gas reserves in Georgia's sector of the Black Sea, a source at Anadarko Georgia, a joint venture set up with Gruzneft, told Interfax on August 23.

The American Geco Topaz ship that will arrive in Batumi late this week will be used for the work, he said. The company will conduct 3D studies in four areas of the shelf several kilometers from the coast of Ajaria at depths to 1,200 meters The first oil well in the region could be drilled next year if the forecasts by Georgian and American experts on large hydrocarbon reserves prove true, he said.

Anadarko has been conducting comprehensive geophysical exploration in the Black Sea on an area covering 9,900 square kilometers since the autumn of 2000. It has conducted gravimetric and geomagnetic work on 2,300 square kilometers. Computer processing of the data at Anadarko Petroleum headquarters in Houston revealed four possible blocks. Specialists have estimated the potential of each of them at 70 million ? 1.3 billion barrels of oil. The current research aims to determine where Georgia's first offshore oil platform will be located.

Based on the preliminary data, Anadarko said initial oil reserves previously estimated by Georgian specialists at 200 million tonnes could be much larger. The company will also determine probable gas reserves at the offshore sites. Similar studies have not been conducted before. Reserves at natural gas fields on shore in Georgia are estimated at 100 billion cubic meters. Anadarko Petroleum and Gruzneft signed the agreement to form the joint venture to develop the Black Sea shelf on June 26, 2000. The sides have drawn up a production sharing agreement based on licenses provided to the American company for oil and gas exploration and production for 25 years.