Further to the announcement in December 2009 of the signing of a Letter of Intent with Shell Development (Australia), Songa Offshore has received a Letter Of Award from Shell Development (Australia) confirming the use of the Songa Venus for the upcoming 2010 Exploration Drilling Campaign in the Browse Basin in Australia.
The program has an estimated duration of 156 days. Shell Development (Australia) will also have the right to exercise up to three additional Optional wells with an estimated duration of 50 to 60 days each. The firm program is expected to generate aggregate revenue in excess of US $40 million.
The contract with Shell Development (Australia) is expected to commence on or around April 1, 2010, following Songa Venus' five-year Special Periodic Survey currently taking place in Singapore.
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