Contract with Transocean in agreement for drilling and completion services on the Shenandoah project
Further as stated in Section 5.2.8 of the Partnership Periodic Report for 2019, as published on March 29, 2020 (Reference No: 027949-01-2020) (hereinafter: "Periodic Report")
Shenandoah Oil
Below: "The Operator" and "The Project", respectively updated that on June 30, 2020, an agreement was signed for drilling and completion services of the four planned development drills in the project.
Transocean Ltd. Company
Hereinafter: "the Services" and "the Agreement", respectively the services will be carried out using a drilling rig, one of the world's newest and most advanced drilling rigs to complete according to the planned development outline of the project.
The estimated cost of services under the 100% agreement is expected to amount to $250 million, due services that include, among others, an estimate (about 17 months of drilling and completion), which saves about $ 180 million dollars in project budget and savings of 40% of the cost of the above services component, as included in the project budget presented
In the NSAI Resource Report reported in the Periodic Report.
Signing the agreement represents a significant milestone in making the final investment decision (FID) in the project, and with regard to project development schedules.
According to the agreement, the partners' commitment to pay for the drilling and completion services after the FID will be in accordance with the agreement.
Members:
ShenHai LLC 53.10%
LLOG Deepwater Development Company III, LLC 30.95%
Beacon Offshore Energy Development LLC 15.95%
Source: Navitas
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