ADES International Gets New Contracts, Enters Farm-in Agreement

Features Dow Jones Newswires

ADES International Holding (ADES.LN) said Monday it has been awarded a contract by ENI IEOC, the Egyptian subsidiary of Italian oil major ENI S.p.A. (E), for a new drilling campaign offshore Egypt.

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The provider or offshore and onshore oil and gas drilling and production services in the Middle East and Africa said the contract was awarded by Belayim Petroleum Co., a joint venture between ENI IEOC and Egyptian General Petroleum Corporation, for a three-month drilling campaign to be led by ADES' offshore jack-up drill rig, ADMARINE 88.

The contract has the scope to be extended on a well-by-well basis thereafter, it said. No financial details have been disclosed.

Petrobel said it has also renewed an existing contract for ADES' ADMARINE V offshore jack-up drill rig for a six-month period on a call out basis, with an option to extend for a further six months.

In addition ADES said it has entered a farm-in agreement for its ADMARINE VIII offshore jack-up drill rig with Fanar Petroleum Company, under the umbrella of its existing contract with the South Abu Zenima Petroleum Company.

The farm-in agreement's planned scope of work will see the rig perform a FRAC job on the concession's North July well to improve its productivity. Work is expected to start before the end of July.

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Shares at 0800 GMT up 2.19 pence, or 0.22%, at 1000.3 pence.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

July 03, 2017 04:21 ET (08:21 GMT)