Songa Offshore is pleased to announce that the Company has received a Letter Of
Intent ("LOI") from Shell Development (Australia) for the use of the Songa Venus
in its upcoming 2010 Exploration Drilling Campaign on the North West Shelf of
Australia. The program is planned to include a firm 3 well program (two
exploration wells and one deepening of existing well), with an estimated
duration of 156 days, Shell also has the right to exercise up to two additional
Optional wells with an estimated duration of 50 to 60 days each.
The agreement is subject to a mutually agreed contract and Shell’s acceptance of
the rig and its equipment prior to commencement.
The contract is expected to commence on or around 1st of April 2010, following
the rig’s 5-year Special Periodic Survey taking place in Singapore after its
current drilling program for the ADA Consortium in Australia.
Limassol 21-12 2009
[HUG#1365444]
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