ADES International Gets New Contracts, Enters Farm-in Agreement

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.

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.

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

-Write to Ian Walker at; @IanWalk40289749

(END) Dow Jones Newswires

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