Ability Drilling has signed a firm contract with Porosity Limited, Jordan for its first drilling rig. Delivery from the yard is by the end of March 2008 and start up in Jordan May 2008.
The rig is engaged to complete exploration wells, expected to finish by the end of 2008, operating at rates as expected by Ability Drilling including potential upside through a bonus scheme related to QHSE and overall performance.
This contract has been achieved in close cooperation with the company's business partner KAN International Petroleum Services LTD in Jordan, and to secure a long term engagement a LOI with Sonoran Energy Jordan Ltd, has been negotiated and signed in parallel. Ability Drilling aim to sign a firm contract with Sonoran by the end of January 2008, extending the contract period in Jordan to 12 months. Porosity and Sonoran has the opportunity to prolong the engagement.
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