By OGJ editors
HOUSTON, Jan. 24 -- Lukoil Overseas spudded a second exploration well on the Northeast Geisum Block in the Gulf of Suez.
GlobalSantaFe's GSF-124 jack up is to drill to 1,574 m in 20 m of water at a cost of $6.1 million.
Lukoil obtained rights to the Northeast and West Geisum blocks in January 2003. The blocks cover a combined 132 sq km.
The blocks have a 4-well, $27.8 million work program. The company's first well found hydrocarbon shows.