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Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP method of wellhead engineering, has signed an agreement with a subsidiary of Bowleven plc ('Bowleven'), an African-focused oil and gas exploration company quoted on AIM (AIM: BLVN), to supply its POS-GRIP wellhead systems and services for drilling offshore Cameroon. The new contract win will see Plexus expand its geographic reach to West Africa, a region with a large number of active oil and gas majors, which the Company hopes to build a position in going forward. The potential value of the contract, which is subject to completion of relevant terms, is estimated at £300,000 with revenues expected to commence in May 2010.
Bowleven will utilise Plexus' POS-GRIP wellhead equipment, which is known for its increased safety, time, and cost saving capabilities for two standard 10,000 psi exploration/appraisal wells, with the option to add further wells to the contract if required. Additionally the agreement marks a new working relationship between the two companies; one which the Directors are hopeful will be strengthened in the future.
Plexus CEO Ben van Bilderbeek said: "This is an exciting time for Plexus as we continue to expand our geographic footprint and marketing initiatives. West Africa is a key oil and gas market, and one which we are keen to build our position in. With this in mind, we look forward to working with Bowleven, a highly regarded oil and gas growth company in the region, with the aim of increasing our exposure in the region and becoming Bowleven's wellhead supplier of choice."
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