Area Drilling

IndonesiaGeoPetro Resources Co., San Francisco, submitted to Indonesia's BPMIGAS agency a work program for the 2.4 million acre Yapen block production sharing contract off northern Irian Jaya that includes spudding an exploration well in the fourth quarter.The 2003 work program also includes processing of 2D seismic data acquired in 2001 and reinterpreting seismic of old and new vintage. Well cost is put at $6.25 million for a dry hole and $7 million for a completed and tested well. Drilling hinges on availability of a floating rig and favorable weather.GeoPetro's 40% owned Continental Energy Yapen Ltd., to be renamed Continental GeoPetro Yapen Ltd., owns a 10% carried interest in...

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