The Board of Directors of Velesto Energy Berhad (“VEBâ€) is pleased to announce that Velesto Drilling Sdn. Bhd. (“VEDâ€), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn. Bhd. (“VMVâ€), which in turn is a wholly-owned subsidiary of VEB, has received a Letter of Award from Mubadala Petroleum’s entity, MDC Oil & Gas (SK 320) Ltd (Mubadala Petroleum), for the Provision of Jack Up Drilling Rig Unit & Services for Pegaga Development Drilling Campaign (“Contractâ€).
The Contract is for the provision of a jack-up drilling rig to undertake drilling services for Mubadala Petroleum having an estimated contract value of USD30 million.
The Contract is to drill seven (7) firm wells with an expected commencement date envisaged for the second quarter of 2020.
VED will use its NAGA 4 to undertake the works. NAGA 4 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
Source: Bursa Malaysia
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