Winstar to Execute Tunisian Rig Contract
Winstar has executed a contract with Helmerich & Payne International (Boulder) Drilling Co. - Tunisia ("H&P") to provide a 1'500 horsepower drilling rig and associated services for the operation to deepen the Ech Chouech Sud No. 1 (ECS No. 1) well on the 100% owned and operated Ech Chouech concession in Southern Tunisia.
The operation at ECS No. 1 involves the deepening of the existing 3'800 meter wellbore by an additional 800 to 1000 meters to test the Silurian drilling prospect derived from the interpretation of the Company's 3D seismic data. The H&P rig has been operating continuously in Tunisia for several years drilling numerous wells to similar depths for other operators on nearby exploration permits. It is also anticipated that essentially the same drilling crew for the rig will continue with the Winstar operation. The rig is expected to be available late in the third quarter or early in the fourth quarter of 2010 and the drilling and completion operation is expected to take approximately 30 days. The contract also provides the Company with an option to drill up to two additional wells with the same rig immediately following the ECS No. 1 deepening operation.