Cairn's JV Discovers Oil Offshore Senegal
Cairn together with its joint venture partners have announced that the FAN-1 exploration well, offshore Senegal, has discovered oil. The well, located in 1,427 metres (m) water depth and approximately 100 kilometres offshore in the Sangomar Deep block, has reached a Target Depth (TD) of 4,927 m and was targeting multiple stacked deepwater fans. As stated prior to the commencement of operations there are no plans for immediate well testing. Further evaluation will now be required to calibrate the well with the existing 3D seismic in order to determine future plans and optimal follow up locations to determine the extent of the discovered resource.
Catcher Update by Cairn
Cairn is pleased to announce that it has entered into a farm out agreement for the sale of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea. With effect from 1 January 2014 Dyas UK Limited (Dyas) shall acquire 10% in each of the following UK Continental Shelf licences P1430, P2040, P2070, P2077 and P2086 by funding Cairn’s exploration and development costs in respect of the licences up to a cap of $182million (m). Following this transaction Cairn will retain a 20% interest in the Catcher licence and a reduced interest in each of the remaining licences as detailed below. As a result of this transaction…
DryShips Signs Two Drilling Contracts: Corcovado, Leiv Eiriksson
DryShips Inc. (NASDAQ: DRYS) announced that its subsidiary Ocean Rig UDW Inc. has entered into firm contracts with Cairn Energy PLC for the Leiv Eiriksson and the Ocean Rig Corcovado for a period of approximately 6 months each. The total contract value including mobilization for the Leiv Eiriksson is approximately $95m. The mobilization period will start in direct continuation from the agreed release date from Petrobras. The total contract value including mobilization and winterization of the Ocean Rig Corcovado is approximately $142m. George Economou, Chairman and Chief Executive Officer of DryShips commented: " Following the signing of these contracts we are only left with one open drillship, the Ocean Rig Mykonos, that delivers in the fourth quarter of 2011.
