Roc Oil Signs Angolan Drilling Deal with Simmons Drilling
Roc Oil has signed a two-year contract with Simmons Drilling Overseas Limited for the Simmons 80 Rig, which is expected to start drilling onshore Cabinda between March and May 2007. The 1,200 horsepower rig is currently being upgraded in Dubai, and is capable of drilling to 4,000 meters in conventional hole sizes. Under the terms of the contract, Roc has the ability to terminate the arrangement early by paying a break fee and to assign the rig to other operators in the region.
In addition, to the arrangement with Simmons, Roc is continuing to investigate the merits of bringing the 100% Roc-owned 750 horsepower Explorer rig from the UK to Angola which could allow drilling to start prior to end-2006.
Commenting on the Angolan rig contract, Roc's Chief Executive Officer, Dr. John Doran, stated that:
"As everybody knows, the rig market is tight. It is particularly tight when you are looking for a rig to drill in an area where nobody has drilled for 34 years. ROC is pleased to have secured a two-year rig contract for its drilling program onshore Cabinda. Our sincere hope is that once the rig arrives in Angola, we will have every reason to keep it busy for the following two years although, of course, that goal will be a lot easier to achieve if our first three or four wells provide a bit of encouragement."
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Company: Simmons Drilling (Overseas) Limited. more info
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