Under the terms of the contract, Winstar, as the primary client, together with a private Canadian international exploration company, will guarantee 180 days of work for the rig during the one year period commencing upon the arrival of the equipment in Tunisia, with the option to make a further commitment for a second year. The rig is fully automated, designed to move and set up quickly (1-2 days), and compact, so it is well suited for the drilling conditions in Winstar's concessions in southern Tunisia. The rig is capable of drilling wells to a total depth of 2800-3000 meters, which is enough to handle all of Winstar's shallow to medium depth locations currently planned, and is also capable of conducting workover and recompletion work in existing wellbores.
"Securing this equipment is a critical component for executing Winstar's go-forward strategy in Tunisia for 2007 and 2008," stated Roger McMechan, Executive Vice President of Winstar. "This 'state of the art' rig will result in significant operational efficiencies and give Winstar increased control over the execution of its capital program in Tunisia."
The equipment is expected to arrive in Tunisia in early September of this year.
Winstar Resources Ltd. is Calgary-based junior oil and gas company, which explores for, develops, produces, and sells crude oil, natural gas liquids and natural gas in (Alberta) Canada, Tunisia and Hungary.
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