Well 101 on Kanizdag, located in the Southwest Gobustan contract area drilled to the depth of 3611 meters against the project depth of 3800 meters, Arawak Energy Corporation announced.
A column was launched into the well in the depth of 3000 meters, where hydrocarbons were revealed. At present Arawak Energy is discussing with its partners different opportunities for appraisal of the well.
The drilling will be shortly replaced to the area of a new gas exploitation well in Duvanniy field. In the end of the work the drilling rig will be anew installed in well 101 on Kanizadag for the achievement of the project depth.
Following the completion of drilling work the well will be tested and results are expected to be ready by the fourth quarter of 2005.
GOC is an affiliated company, which is involved in the development of Southwest Gobustan under PSA concluded with the SOCAR. Commonwealth Gobustan Limited (CGL) holds 80% stake in GOC and the SOCAR вЂ" 20%.
Arawak Energy retains 37.17% in CGL, while the rest part belongs to a group of companies China National Petroleum Company. Major shareholder of Arawak Energy is Rosco S.A. with participation share of 41.15%.