ADES International Gets New Contracts, Enters Farm-in Agreement
July 03 2017 - 4:36AM
Dow Jones News
LONDON--ADES International Holding (ADES.LN) said Monday it has
been awarded a contract by ENI IEOC, the Egyptian subsidiary of
Italian oil major ENI S.p.A. (E), for a new drilling campaign
offshore Egypt.
The provider or offshore and onshore oil and gas drilling and
production services in the Middle East and Africa said the contract
was awarded by Belayim Petroleum Co., a joint venture between ENI
IEOC and Egyptian General Petroleum Corporation, for a three-month
drilling campaign to be led by ADES' offshore jack-up drill rig,
ADMARINE 88.
The contract has the scope to be extended on a well-by-well
basis thereafter, it said. No financial details have been
disclosed.
Petrobel said it has also renewed an existing contract for ADES'
ADMARINE V offshore jack-up drill rig for a six-month period on a
call out basis, with an option to extend for a further six
months.
In addition ADES said it has entered a farm-in agreement for its
ADMARINE VIII offshore jack-up drill rig with Fanar Petroleum
Company, under the umbrella of its existing contract with the South
Abu Zenima Petroleum Company.
The farm-in agreement's planned scope of work will see the rig
perform a FRAC job on the concession's North July well to improve
its productivity. Work is expected to start before the end of
July.
Shares at 0800 GMT up 2.19 pence, or 0.22%, at 1000.3 pence.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
July 03, 2017 04:21 ET (08:21 GMT)
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