Primeline Energy Holdings Inc. has signed a Letter of Intent for the drilling operations of the forthcoming exciting exploration programme in Block 33/07.
In the last few months Primeline has been in discussion with a number of potential drilling contractors in the region to secure optimal contract terms for an efficient and cost effective drilling operation planned to start in August 2015. The rig market has proved favourable with good availability of suitable rigs and competitive prices.
With the completion of the 3D seismic data interpretation, the selection of drilling locations was completed in the past few weeks and locations have been agreed and approved by the joint management committee established by CNOOC and Primeline under the petroleum contract for Block 33/07. This allowed Primeline to finalise the well design and conclude discussions with potential drilling contractors. Following a detailed negotiation process, Primeline has selected China Oilfield Service Co. as the drilling contractor and signed the LOI with COSL on 22nd July 2015.