Drilling 4th Appraisal Well on Shahdaniz to Be Completed in 2007

Drilling of the fourth appraisal well - SDX-04 on gas condensate field Shahdaniz is underway. The projected depth of the well is 7,024 meters, a source in Р'Р  Azerbaijan told Trend. The drilling works are carried out by rig Istiglal.

Previously, during drilling, the Company faced geological difficulties which caused changes in the schedule of completing the drilling works on the well. However, currently, the drilling work is being carried out in accordance with the plans established and will be completed in the beginning of 2007.

Earlier, Istiglal rig drilled the fourth pre-drilling well on Shahdaniz field within the project on the development Stage 1. The well was drilled from the existing depth drilling slab installed at the water depth of 101 meters in a point close to the crest of structure. The vertical space of the well head was 1,44 km. The depth of the well reached 6,189 meters.

An appraisal well drilling is carried out on this sector of the field. The depth of the fourth appraisal well SDX-04 on the gas condensate field Shahdaniz is 6,560 meters. The project depth of this well is 7,000 meters. The drilling work is carried out by the rig Istiglal.

The drilling of the well was sanctioned by the parties to Shahdaniz project in 2004 in order to ensure production of 3 bln. cubic meters. of additional gas for Azerbaijan within first three years after the gas production is launched at the end of 2006.

The parties to the Production Sharing Agreement in the project Shahdaniz are:Р'Р  (operator 25.5 %), Statoil - 25.5%, SOCAR 10%, LUKAgip 10%, NICO 10%, Total 10%, and TPAO 9%.

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