Luksar on 13 October signed a contract with the US’ Western- Geco
to carry out 8,750 kilometres of 2D and 3D seismic surveys in the area, which covers about 29,900 square kilometres. Seismic shootings will be conducted throughout 2005 and will be followed by exploration drilling in early 2006. Under its winning proposal for concession area A, Lukoil is committed to drill at least nine exploration wells.
Luksar says seismic crews are being mobilised while land allotment formalities are in progress. Previous seismic data was provided by Saudi Aramco
and processed by Russia’s Bashneftegeofizika
. Aramco is also providing topographic maps. The total exploration period is five years and will see an investment of $215 million, supported by a credit line from Saudi Hollandi Bank
Luksar is one of four ventures awarded concessions to explore, develop and produce non-associated gas reserves (MEED 30:1:04).