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08 Mar 2019 | 09:04

Ades enters short-term drilling contract with Dana Gas to drill well in the Egyptian Mediterranean basin

Oil and Gas drilling group Ades said Friday it had entered a short-term exploration contract with Dana Gas to drill a well in the Egyptian Mediterranean basin with an option for a further three wells.

The service would be provided using Vantage's Tungsten Explorer, comprising one firm well and the contract was estimated to last 77 days, with an extension option to a further three wells, the company said.

The services would be subcontracted to ADVantage, a joint venture between ADES and Vantage, which was announced on 15th November 2017.

The contract would operate on a profit-sharing basis, enabling Ades to 'generate additional revenue without incurring the significant capital expenditure normally associated with deepwater drilling,' the company said.

Amid significant gas discoveries and prospective drilling programmes in the region, this contract 'presents several attractive commercial opportunities which could be realized through an extension over the long-term,' Ades added.

At 9:04am: (LON:ADES) ADES International Holding Ltd share price was +0.01p at 13.88p

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