Ramco Energy to drill first well onshore Georgia in Q4

Jul 18, 2000 02:00 AM

Ramco Energy announces that it will be drilling its first well on its Kaheti Block X licence, onshore Georgia in the fourth quarter of this year. The exploratory well will be drilled to test a new play concept in the Gambori Range of foothills of the Greater Caucasus Mountains in eastern Georgia. The location, near the village of Ziari, is approximately 70 km east of Tbilisi, the capital of Georgia.
The Ziari-1 well is planned to spud in early October and drill to the planned total depth of 2,000 metres in about 30 days. The primary reservoir objectives are within the upper Jurassic carbonates that have been thrust up to a drillable depth during the uplift of the Greater Caucasus fold belt. If hydrocarbons are discovered, whether of oil and/or gas they would initially be produced into the existing infrastructure.

The integration of modern geo-technical surveys and studies including 200 km of new seismic data, gravity and geological modelling has identified drillable prospects, which have notbeen previously recognised in the region. A successful well at Ziari would confirm several structures along the trend as viable drilling targets. The tectonic setting and the associated potential hydrocarbon reservoirs of the Georgian foothills are analogous to similar settings and the prolific reservoirs in the Carpathians of Central Europe and the foothills of the western Canadian basin.

Ramco manages its investment in Georgia through its local operating company, Kaheti Oil, which was established under the terms of a PSC with the Georgian National Oil Company and the Georgian State.
Ramco holds 100 % of the foreign investor interest. Ramco first entered into negotiations with the Georgian State in 1997 and the PSC between Ramco and the National Oil Company, Saknavtobi, and the Georgian State was signed on 18 December 1998.

Source: Ramco Energy plc
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