Songa Offshore has received a Letter Of Intent ("LOI") from Shell Development (Australia) for the use of the Songa Venus in its upcoming 2010 Exploration Drilling Campaign on the North West Shelf of Australia. The program is planned to include a firm 3 well program (two exploration wells and one deepening of existing well), with an estimated duration of 156 days, Shell also has the right to exercise up to two additional Optional wells with an estimated duration of 50 to 60 days each.
The agreement is subject to a mutually agreed contract and Shell's acceptance of the rig and its equipment prior to commencement.
The contract is expected to commence on or around 1st of April 2010, following the rig's 5-year Special Periodic Survey taking place in Singapore after its current drilling program for the ADA Consortium in Australia.
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