source supplied by SpikeyDT -iiiGeorgia: First of two Rioni...

source supplied by SpikeyDT -iii

Georgia: First of two Rioni basin wildcats to spud
http://www.pennenergy.com/index/petroleum/display/6719803979/articles/oil-gas-journal/exploration-development-2/area-drilling/20100/june-2011/georgia_-first_of.html

By OGJ editors

HOUSTON, June 28 ? Strait Oil & Gas Ltd., private UK independent, expects to spud the Mukhiani well on Block VIa in west-central Georgia in mid-July as the first of a two-well exploratory program.

The Mukhiani well targets the Vani-3 prospect on which the best estimate of gross undiscovered oil in place is more than 115 million bbl. Target depth is 3,500 m. A 2011 geochemical survey identified helium anomalies across the prospect that indicate the presence of a working hydrocarbon system.

Blocks VIa and VIb total about 6,500 sq km in the Rioni basin. Consultants identified 68 potential structures on the blocks from 410 line-km of 2D seismic shot in 2011.

Strait Oil & Gas has 40% interest in the blocks, Range Resources Ltd. has a 40% farm-in interest, and Red Emperor Resources NL has 20%. Range and Red Emperor are based in Perth.