A North Sea Operator has notified Petrolia Drilling of its intention to use SS Petrolia for an exploration program on the UK Continental Shelf for minimum 6 months starting from approximately July 1, 2006 when the three-well contract in Ireland is expected to be completed.
Petrolia Drilling will commence drilling in Ireland approximately April 1, 2006. The market rate is increasing to US $175,000 per day after June 1, 2006.
The terms of the new contract are expected to be at similar market rates. The final contract terms are due to be finalized by mid-December 2005.
The final contract award is subject to all Management, Corporate and Board approvals of the parties.
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