After the completion of operations in Myanmar in July this year, "Nanhai II" was towed to the waters of Indonesia, where it was scheduled to provide drilling services to the Malaysian firm Genting Oil & Gas Limited ("GOGL"). After sailing for 24 days, it arrived at the designated location on July 6, 2006 and successfully completed the drilling and oil-testing at the well.
The Company has strictly followed its management concepts of safety, regulation and efficiency, and has maintained regulated operation and management of the rig. To provide improved services, the Company has learned from its successful operating experience in Myanmar, which facilitated the smooth completion of operations in Indonesia.
According to the operation plan, "Nanhai II" will continue to operate for GOGL.
Mr. Yuan Guangyu, CEO and President of COSL, said, "The Company will continue to take stable steps in exploring overseas markets. In the first half of 2006, the Company has achieved remarkable results, with overseas revenue contributing up to 20% of COSL's overall revenue. As the Company's overseas market share continues to increase, the "COSL" brand name is being much more recognized and welcomed by new and existing customers. Leveraging on such opportunities, we will continue to provide qualified services to our clients, bringing greater value to our shareholders."
Genting Oil & Gas Limited ("GOGL") is an independent oil and gas exploration and production company with international operations. It is based in Kuala Lumpur, Malaysia, and has branch offices in Jakarta, Indonesia, and in Beijing and other cities in China. Since its establishment in 1996, GOGL has undertaken a number of international oil and gas exploration, development and production projects in several countries. GOGL is always active in its search for new opportunities that can add value or synergy to its parent company, Genting Berhad.
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