KS Energy Limited reported that following its announcement Aug. 24, 2012, the company reported that a subsidiary of KS Drilling Pte. Ltd. (KS Drilling) together with its Joint Operation partner, Pertamina Drilling Services Indonesia, has been notified of the exercise of 1 year option on their current contract for the jackup KS Java Star (350' ILC).
By this exercise of the 1 year contract extension, KS Java Star is expected to continue drilling in the West Madura Oilfield offshore Java until January 2015.
The total value of this contract extension is approximately $41 million.
The contract extension is not expected to have any material effect on the earnings per share and net tangible assets per share of the Company for the financial year ending Dec. 31.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction, other than other than through their respective shareholdings in the Company or which has been previously disclosed.
KS Drilling, an 80 percent-owned subsidiary of KS Energy, is an investment holding company while the main activities of its subsidiaries are in the provision of drilling services, rig management and support services, oilfield equipment ownership and leasing.
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