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Afren Signs Rig Contract with Transocean

Source: www.gulfoilandgas.com 3/17/2010, Location: Africa

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Afren plc and its partners Oriental Energy Resources and Amni International Petroleum Development Company, announce the signing of an additional drilling contract with Transocean for the GSF High Island Vll jack-up rig, to carry out planned drilling on their assets located offshore South East Nigeria.

A rig contract has been signed with Transocean, commencing in March 2010, to carry out planned drilling at the Ebok / Okwok / OML 115 complex and Okoro field offshore south east Nigeria. The contract will run for a period of up to 210 days, and has been secured at an operating rate of US$84,000 per day. The GSF High Island Vll rig is expected to mobilise from its current location in Cameroon on 24 March 2010.

With the Transocean Adriatic lX rig already under contract and drilling ahead at Ebok under the Phase 1 development plan, the introduction of a second rig provides the necessary resources and flexibility to complete Afren and its partners planned 2010 work programme that incorporates:

- The drilling of one exploration well to test the Ebok Deep intervals
- One appraisal well to define the size and extent of the Okwok field and its development requirements
- One exploration well to test the prospectivity that has been identified on the surrounding OML 115 acreage
- Six wells under development Phase 2 at the Ebok West Fault Block
- Two infill production wells at the producing Okoro field

Osman Shahenshah, Chief Executive of Afren, commented:
“The second rig, secured at competitive rates, gives Afren and our indigenous partners the flexibility and resources to complete the ambitious 18 well drilling programme in 2010. We are also pleased to extend our relationship with Transocean, who provided the drilling units for the successful Okoro development and Ebok appraisal wells, and with whom we also have the Adriatic lX currently under contract and drilling ahead with the Ebok Phase 1 development. The signing of this contract is an important milestone for our 2010 drilling campaign, the most active period of drilling in the Company’s history.”

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