A contract has been finalized with ASCOM S.A. Group (ASCOM) to supply a MBU-125 land drilling rig, which is now being mobilized from Southern Sudan to Iti-1, the first well site. The estimated spud date is 15th May and the prospective reservoir horizon should be encountered about a week later. Seismic and geochemical surveys completed during 2008 have confirmed the presence of large structures and active hydrocarbon generation and migration respectively.
May 15 is the expected spud date according to this report and remember that these wells are shallow so drilling expected to take about a week or so.
GBP Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
