KS Energy Inks Contract with Taq Taq to Supply Land Rig
|Thursday, February 28, 2013
Singapore-listed KS Energy (KSE) disclosed late Wednesday that it has inked a contract with Taq Taq Operating Company (TTOPCO) to supply a land rig for its drilling operations in Kurdistan.
The rig, KS Discoverer 4, is expected to start work in March this year. Under the agreement inked, the rig will be contracted for one year or until the completion of one exploration well and two development wells, whichever is later. TTOPCO has the option to extend the contract for a further period of one year.
The contract, over the minimum period of one year, is worth $16.8 million.
OCBC Investment Research noted Tuesday in an analyst note that KSE has proven adept at raising funds from investors and partners such as Itochu, Dutco and Actis. OCBC added that it is expecting news of further tie-ups moving into the rest of this year.
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