EnCore Oil plc announces that the semi-submersible rig SEDCO 704 has been contracted for the exploration drilling of the Cladhan prospect (also known as 'Bowstring East') on UK North Sea block 210/29a. EnCore holds a 26.6 per cent. interest in the licence and Sterling Resources, the operator, holds a 39.9 per cent. interest.
ADTI has secured the rig for a multi-client programme and Sterling has the first well slot which is scheduled to start in mid-September 2008, depending only on the release date from the rig's current operations. ADTI, a division of Transocean, specialises in well management and turnkey operations and the well will be drilled on a turnkey basis.
As previously announced, Revus Energy (UK) Limited will pay 50 per cent. of the costs of drilling an exploration well up to a total gross cost of UK10 million, and 33.5 per cent of well costs, if any, above UK10 million.
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