Business
Rig Contract
Rig Contract.
About this update from Borders & Southern Petroleum Plc
[{"type":"text","content":"\n RNS Number : 9229W Borders & Southern Petroleum plc 29 November 2010 \n \n\n29 November 2010\n \n \nBorders & Southern Petroleum plc\n(\"Borders & Southern\" or \"the Company\")\n \nRig Contract\n \nFurther to our announcement on 11 November 2010, Borders & Southern Petroleum plc (AIM: BOR) is pleased to announce that it has signed a contract with Ocean Rig UDW Inc. for the provision of mobile drilling rig services using the Eirik Raude drilling unit, a dynamically positioned, harsh environment semi-submersible. On completion of its current contract in West Africa in October 2011, the rig will be mobilised to the Falkland Islands to commence our two well drilling programme. The wells on our Darwin and Stebbing prospects are currently estimated to take approximately 45 days each. The contract allows for up to three option wells.\n \nWithin the last year, Borders & Southern has appointed a drilling manager for the campaign and has contracted AGR Peak Well Management Ltd to perform well engineering, procurement, service contracting and operations supervision. Initial well designs for Darwin and Stebbing are already well advanced and we expect to order subsea wellhead systems and casing strings shortly. Detailed well planning and the contracting of third party services will also commence shortly.\n \nChief Executive Howard Obee commented: \"We are delighted to have signed this contract. It represents a significant milestone for the Company and is the culmination of an intense period of technical and contractual effort. The Eirik Raude is a high specification, harsh environment rig that is ideally suited for our work programme.\" \n \nFor further information please visit www.bordersandsouthern.com or contact:\n \n\n\n\n\nBorders & Southern Petroleum plc\nHoward Obee, Chief Executive\n\n\n020 7661 9348\n\n\n\n\nPanmure Gordon (UK) Limited\nKatherine Roe / Callum Stewart\n\n\n020 7459 3600\n\n\n\n\nTavistock Communications\nSimon Hudson\n\n\n020 7920 3150\n\n\n\n\n \nNotes:\nBorders & Southern Petroleum plc, a London Stock Exchange AIM quoted company, is engaged in exploration for oil and gas. The Company is focused on frontier or emerging basins where there is potential to identify and commercialise high value prospects. Its project in the Falkland Islan...