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Awilco Offshore awarded Letter of Intent for operation offshore Libya

Source: www.gulfoilandgas.com 8/11/2008, Location: Africa

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Awilco Offshore through Premium Drilling has received a Letter of Intent from an international operating company for a drilling program of two firm wells plus one optional well for the jack-up drilling rig WilForce. The firm period of the contract is estimated to 180 days. The LOI and subsequent contract is subject to approval of Libya`s National Oil Company.

The estimated contract value for the firm period of the contract is USD 36.5 mill. Operation is scheduled to commence between mid-December 2008 and early March 2009 and in direct continuation of the rig`s present commitment with Repsol Exploration Murzuq S.A which is also in Libya.

WilForce is equipped for high pressure/ high temperature drilling in water depths up to 375ft.

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