GeoPetro Resources Company announced that its 12% owned subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has called for tenders for a third drilling rig to provide turn-key, integrated drilling services to drill wells on the Bengara-II PSC, onshore East Kalimantan, Indonesia. CGB2 expects to award the drilling contract around the end of August.
The third rig will allow for intensification of the 2007 drilling program and will facilitate rapid evaluation of the large, fault bounded structure currently being tested by the Seberaba-1 well.
The Company previously announced that a second, turn-key, integrated drilling services contract had been awarded to drill wells planned for 2007 on the 900,000 acre Bengara-II PSC. Mobilization of the second rig and equipment to the Bengara-II Block is underway, with arrival expected in August.