GeoPetro Resources Company issued an update on its oil and gas activities in Indonesia, where the company is active in exploration and development in two separate project areas.

GeoPetro Resources has a 12% ownership share of the Bengara II Block, which is in the Tarakan Basin of the East Kalimantan province. The block consists of 240,000 acres and is spread across onshore and offshore areas of the province.

The company reported that its geologists have completed 60% of a seismic survey being conducted at the site. Once the survey is complete, GeoPetro Resources will have 178 square kilometers of 3D seismic data to analyze.

GeoPetro Resources said that the Muara Makapan-2 well, which will be the first well drilled in 2011 on the Bengara II Block, is budgeted at $22.5 million. The company plans to spud this well in the third quarter of 2011, and plans a second well on the block in 2011 after the first well is drilled and completed.

The Muara Makapan-2 well is a follow up to a successful well drilled on the block in 1988, which produced at a rate of 19.5 million cubic feet per day and condensate at a rate of 600 barrels per day.

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