KS Energy Commences $37MM Rig Supply Contract in the Middle East

The Board of Directors of KS Energy Services Limited refers to the News Release dated December 21, 2007, relating to the US$37 million rig supply and management contract in the Middle East. The duration of the contract is for a period of 3 years, comprising a 2-year firm contract plus a 1-year renewal option.

The Board of Directors is pleased to inform that the Contract commenced on August 14, 2008 to supply and operate a 1500 HP land rig, KS Discoverer 1. Atlantic Oilfield Services, the wholly owned subsidiary of KS Energy, will be the operator for this contract.

Kris Wiluan, Chairman and CEO of KS Energy, said on the dat of the original press release, "By combining the capabilities of both KS Energy and AOS, we are able to make inroads into major oil companies by providing them with an integrated suite of services ranging from capital equipment charter to drilling management. Furthermore, our international accreditation and high HSE standards have strategically placed us in an optimal position to serve a broader base of customers globally."