Talisman to Use Plexus' POS-GRIP for Norwegian Wells
Plexus Holdings has signed a contract with Talisman Energy Norge AS, subject to completion of relevant contract terms, to supply the Company's proprietary POS-GRIP wellhead systems for use in the Norwegian North Sea.
Talisman will utilise Plexus' exploration rental wellhead equipment, mudline suspension equipment and service support. Whilst the pressure rating of the wells being explored are rated at 10,000 psi, Plexus is supplying its standard 15,000 psi High Pressure/High Temperature ('HP/HT') equipment as it is compatible with the modern drilling rig being used, which has an 18.75 inch Single Stack 15,000 psi blow out preventer ('BOP'). The Directors believe that Plexus' equipment offers both flexibility for the latest generation drilling rig and the best technical solution to be able to run in conjunction with the BOP.
This agreement demonstrates the Company's strengthening relationship with Talisman and the Directors anticipate that further equipment will be supplied to Talisman in the future. The oil exploration drilling program is expected to commence in late 2007 and continues into 2008, generating initial revenues in financial year 2007/2008 of approximately £350k. The Directors believe that the value of the contract could rise to £1.5m.
Plexus CEO Ben van Bilderbeek said, "This contract is an extension of previous business activities with Talisman and is the first HP/HT 18.75 inch system that will be supplied by Plexus to them. It is particularly important to note that we can demonstrate time cost savings using our proprietary POS-GRIP equipment by not having to remove the BOP to run the casing. We believe this was a key factor in our wellhead system being selected for this drilling program."
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