Scorpion Nederlandse B.V, Venezuela Branch and UrdanetaGazprom-1 S.A. ("Gazprom 1") have settled their payment dispute. Accordingly, Scorpion has received $12.8 million (out of the $14.8 million receivable balance) on April 12, 2010 pursuant to the terms of the Settlement Agreement. The previously initiated arbitration process was also formally terminated.
Scorpion has one remaining contract with UrdanetaGazprom-2 S.A. ("Gazprom 2") for one well with an estimated duration of 6 months. Scorpion and Gazprom 2 continue to make progress in reaching a mutual understanding as to the commencement date of this contract as Gazprom 2 was not in a position to commence operations on the second well in direct continuation of the first well as provided in the drilling contracts.
The Offshore Vigilant is currently operating offshore Trinidad for a US independent oil and gas company and should complete its last well under this contract in early May.
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