Jindal wants Georgia â€کfarm-out'

Vol 13, PW 21 (08 Apr 10) News in Brief

Jindal Petroleum, part of the $12bn Jindal Group, is looking for partners at four Georgia exploration blocks where it holds 100% stakes.

These are the 6310-sq km Black Sea block 7A, the 3872-sq km Russian border block 9, the 5880-sq km Russian border block 10 and the 1295-sq km Armenian border block 13A. “We want to ‘farm-out’ our stakes to a technically sound company,” says a Jindal source.

“Funds are not a problem for our company. Jindal wants only E&P companies as partners - no private equity investors.

This decision to farm-out is to share the exploration risk.” Jindal, he adds, is flexible about how much stake it can offer.

Jindal says Texas-based Global Geophysical began acquiring 400-sq km 3D at its other (producing) Georgia block 11B this January and should finish by July. Processing and interpretation of data should be complete by December, we learn, and development drilling at 11B should begin in the first quarter of 2011.