Oil and gas producer Salamander Energy has signed a contract with a subsidiary of Atwood Oceanics enabling it to use the Atwood Mako jack-up rig across its licences in the Gulf of Thailand.
The contract has an initial period of 12 months and can be extended for a further year.
The firm also said the Ensco-53 jack-up rig will be under contract with Salamander from Marth 24th which it will immediately use on the B8/38 licence. The rig arrival has been delayed due to a combination of weather downtime and slippage in the previous operator's drilling programme.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"A four well programme is planned in the B8/38 licence, comprising two development and two exploration wells," the firm said.
"Management has elected to initially drill the two development wells in order to benefit from prevailing oil prices and exploration drilling is expected to follow in May."
The share price fell 1.68% to 222.70p by 13:16.
NR
-
Most Brits unaware onshore bonds can help beat inheritance tax – here’s howA little-known perk of certain types of bonds can let your loved ones off the hook when it comes to inheritance tax – but two-thirds of people have never heard of them
-
Dividend tax squeeze to hit record 3.7 million people – how to protect your investmentsDividend tax allowances cuts are estimated to have dragged an extra 1.3 million taxpayers into paying the levy over two years, with basic rate taxpayers disproportionately affected
