DNO Awards Contract To Petrolia Drilling

Petrolia Drilling has been awarded a one-well, 80-day contract for its semisubmersible, Petrolia to commence drilling on the West Heather field in the U.K. sector of the North Sea by DNO. Drilling is expected to commence at the end of July. The rig would receive an additional mobilization rate of $10,000 per day from July 1, 2001.

DNO has an option for an additional one-plus-one well, where the dayrate will be set according to current market rates for second generation rigs. Under these terms, $65,000 is the minimum rate, while $100,000 per day is the maximum rate.

DNO holds a 100% interest in the Heather field.


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