Songa Offshore SE has concluded onwards contrac...

Songa Offshore SE is pleased to announce that a drilling contract has
been concluded between its subsidiary Songa Offshore Drilling Ltd and
Oilex (JPDA 06-103) Ltd on behalf of its Joint Venture for contract
area JPDA Block 06-103 in the Joint Petroleum Development Area (JPDA)
between Timor Leste and Australia for utilization of the
semi-submersible Songa Mercur drilling rig. The contract covers a
drilling campaign of 2 wells plus 1 optional well in the JPDA, with a
mobilization and de-mobilization element included into the agreement.

Total estimated contract duration for drilling operations is 50 days
plus an additional 25 days if the optional well is exercised, the
Drilling operations day rate is US$280,000 per day, reducing to
US$250,000 applying if the combined Woodside and Oilex contract
period exceed an agreed period.

Subject to meeting certain contractual requirements, the drilling rig
is scheduled to mobilize for the Oilex Joint Venture immediately
after release of the rig from the earlier announced contract with
Woodside Energy Ltd.

Limassol, 24 September 2009


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