Worldwide Energy News - Article

SRAK spuds fourth well in Contract Area 2 - Saudi Arabia

The South Rub Al Khali Company (SRAK), comprising Shell (40%), Total (30%) and Saudi Aramco (30%), is preparing to drill the Kidan North Deep 1 wildcat in SRAK Contract Area 2, Block 82. The well has a planned total depth in excess of 5,030m, seeking pre-Khuff objectives. It is the consortium's fourth attempt to determine commercial hydrocarbons on this huge 216,347 sq km permit. SRAK had plans to shoot 16,000km of 2D seismic using three WesternGeco crews and then drill seven exploration wells during the first five-year exploration period of the license that was awarded in November 2003. With each well costing US$ 15 million to drill, total spending over the five-year initial contract period is estimated to reach US$ 400 million. It is understood that a second rig, the Nabors 144, has been secured for the 2008 drilling program.

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