Aban Offshore receives order from ROC Oil, China

Aban Offshore Ltd has announced that a letter of intent has been received from ROC Oil (China) Company for deployment of jack-up rig Murmanskaya Offshore China, for drilling a programme of 4 firm wells and 2 optional wells, with an estimated duration of 100 to 160 days depending upon the declaration of optional wells. The estimated revenues from the programme ranges from USD 19.5 Million for firm wells to USD 31.2 Million (if optional wells are declared) exclusive of revenues for mobilization and demobilization.

The Rig is likely to start mobilizing to the location by October 2007.

The stock closed the day at Rs.2986.35, up by Rs.88.05 or 3.04%. The stock hit an intraday high of Rs.3000 and low of Rs.2890.30. The total traded quantity was 57969 compared to 2 week average of 51145.

Source : Equity Bulls

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