Valeura Energy has let a drilling contract to Borr Drilling Ltd. for its Mist jack-up drilling rig in Thailand.
The contract extension covers a firm term of 9 months starting in direct continuation to the current contract and will maintain the rig contracted through August 2024. The estimated total contract value of this extension is $41 million, excluding unpriced options.
The Borr Mist KFELS Super B Bigfoot-class jack-up drilling rig is currently on location at Manora oil field where Valeura plans to drill three wells aimed at increasing field production. Upon completion of operations at Manora, anticipated in early August 2023, the rig will move to Wassana field for the company’s five-well infill drilling program.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.