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Greenfields Petroleum Corp. confirmed that Bahar Energy Operating Co. (BEOC), the operating company for Bahar Energy Ltd. in which Greenfields owns a 33.33% interest, spudded the Gum Deniz 601 well in Azerbaijan.
The well is being drilled from a pad on Gum Deniz Island in Azerbaijan utilizing the Great Wall 88 rig to develop a field extension in the north of Gum Deniz field that is expected to be un-drained.
John W. Harkins, CEO of Greenfields, stated, "This is an excellent opportunity to add early production and cash flow. BEOC was fortunate to locate a first-rate land rig that enables us to act early on these prospects."
The location is in the northern extension of the main body of the oil field. It is anticipated that the well will yield early production and reserves growth, and with success leading to multiple new drilling targets to the north.
Drilling in the central portion of Gum Deniz oil field is on schedule to commence in September 2012 utilizing the PSG-1 rig, which is now in the process of offshore commissioning on platform 2. The initial platform-based development well, Gum Deniz 715, will spud after completing the commission process of the new China-fabricated rig.
The PSG-2 rig is also being mobilized to platform 196 in the Bahar gas field, where it will undertake a series of workovers to repair and recomplete gas-condensate wells. Work is expected to commence during September.