The estimated duration of the two firm wells is 150 days with a corresponding net contract value of approximately $ 32 million. The estimated duration of the two optional wells is 130 days with a corresponding net contract value of approximately $ 27 million. The optional wells can be exercised on or before October 15th, 2004.
In other news, Statoil has exercised its option to drill the seventh and final well under a drilling contract with Statoil announced on May 18, 2004. The contract comprises one well for Norsk Hydro at Troll, three wells in the Barents Sea and three option wells thereafter. Two of the three option wells were exercised on June 16, 2004.
Eirik Raude now has a continuing program of eight wells expected to be completed by November 2005, including the ongoing drilling of a well for BG Group. Remaining backlog for the rig is now estimated to US $111 million.
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