UMW Naga 5 to Drill in Myanmar's Offshore Block M3 for PTTEPI

Malaysia-based UMW Oil & Gas Corporation Berhad (UMWOG) reported Wenesday that UMW Offshore Drilling Sdn Bhd -- a unit of the company's wholly owned subsidiary UMW Malaysian Ventures Sdn Bhd -- clinched a contract from Thailand's PTTEP International Limited (PTTEPI) to provide drilling services for Block M3 Appraisal Drilling Campaign 2014 offshore Myanmar.

Under the contract, worth around $51.3 million, the company's newest jackup UMW Naga 5 (400' ILC) will be deployed in the Gulf of Mottama to drill in PTTEPI's Block M-3 Appraisal Drilling Campaign 2014.

"The Contract is for five firm wells (approximately 250 days excluding mobilization and demobilization), and may be extended for one optional well thereafter," UMWOG said in an announcement on local stock exchange Bursa Malaysia.

UMW Naga 5 is currently in the Philippines. It is working on a drilling contract for Nido Petroleum Philippines Pty Ltd offshore Philippines, which is expected to be completed by July 2014.

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