Oil India Ltd. and GeoGlobal Resources Inc., Calgary, have an oil discovery on the RJ-20 block in Rajasthan, India.
Meanwhile, the two companies decided not to complete the minimum work program on the RJ-21 block in Rajasthan and the Directorate General of Hydrocarbons called its $897,500 performance bank guarantee.
The Punam-1 well on RJ-20 (RJ-ONN-2004/2) found 17° gravity oil in the Bilara-Jodhpur formations at 1,227-49 m.
Punam-1 is the third well in a 12-well exploratory program on the block. Based on the discovery, the companies are pursuing a further extension of Exploration Phase-I to complete the minimum work program commitments on the block, GeoGlobal said.