Rig: Maersk Venturer

Maersk Drilling secures contract for Maersk Venturer with Total

Maersk Drilling has been awarded a contract for the drillship Maersk Venturer with oil major Total. The contract covers one exploration well (estimated duration 120 days) in block 14 offshore Uruguay. The estimated contract value for the programme is USD 44m excluding mobilisation. The drilling programme is expected to commence in March 2016. “We have collaborated and partnered with Total many times over the years. Total is a highly valued customer of Maersk Drilling, and we are very pleased with being selected by Total to drill their first exploration well offshore Uruguay,” says Claus V. Hemmingsen, CEO in Maersk Drilling and member of the Executive Board in the Maersk Group and continues: “With this contract, we continue to build our contract backlog and secure work for our rigs and people, which is very encouraging in this challenging market.” Maersk Venturer is the third in a series of four ultra deepwater drillships in Maersk Drilling’s fleet. The four drillships represent a total investment of USD 2.6bn. The other three drillships have all secured long-term contracts.

Otto Energy makes sub-commercial find at Hawkeye-1

Red Emperor Resources NL (“Red Emperor”) has provided the following update with respect to the drilling of the Hawkeye-1 exploration well, offshore Palawan Basin in the Philippines. The Hawkeye-1 exploration well was drilled to the planned total depth of 2,920m with the top reservoir intersected at 2,710m. Hydrocarbons were logged between 2,710m – 2,737m in reservoir of variable quality. The upper reservoir section between 2,710m – 2,724m is interpreted to be gas bearing at sub-commercial volumes. The second, poorer quality reservoir (2,724m – 2,737m) provided evidence of fluorescence, usually an indicator of liquid hydrocarbons, from hand cutting returns. Unfortunately, even if confirmed oil bearing, the combination of poor reservoir and low net pay would render the potential oil leg sub-commercial. Below 2,737m water was inferred from log observations in a reservoir sequence of good quality. While the Hawkeye-1 exploration well has proven the existence of hydrocarbons in SC55, the hydrocarbon size discovered appears to be at the low end of expectations and not likely economic to develop. Hawkeye-1 will now be plugged and abandoned with results from the well to be analysed with respect to other prospects, including Cinco, in the license that potentially share the same charge source.

Otto spuds Hawkeye-1

Otto Energy Ltd (“Otto”) has provided the following update on the drilling of the Hawkeye-1 exploration well, offshore Palawan Basin in the Philippines as at 0600 hours (AWST) on 3rd August 2015. Progress The Hawkeye-1 exploration well was spud at 1610 hours (AWST) on 31st July 2015. The 36” conductor was run to 1,906 metres and the 26” hole subsequently drilled to 2,449 metres. Current operations are to cement the 20” casing string. Forward Plan The forward plan is to connect the blow-out preventer to the wellhead and pressure test before commencing to drill the 17 ½” hole to just above the primary target reservoir. The next update will be provided once the 12 ?” section is drilled into the primary target reservoir, anticipated to occur about two weeks from now. The Hawkeye-1 exploration well will be plugged and abandoned upon completion of drilling and logging. All measurements are from the rig rotary table.

'Maersk Venturer' arrives at Philippines drilling location

Red Emperor Resources NL (“Red Emperor”) is pleased to announce that the load-out of the Maersk Venturer drilling rig has been completed with the vessel now at the Hawkeye drilling location. Drilling will commence over the coming weekend once the rig has been accurately secured over the required drilling location. As one of the most modern and advanced drillships in the world, the Maersk Venturer has the required capability to drill the Hawkeye-1 exploration well, with the drilling program expected to last 23 days. The exploration well has been designed to reach the top of target reservoir approximately 1,000m below the sea bed floor and intersect the gas oil contact to prove or otherwise the presence of the oil leg. Red Emperor intends to update the market weekly on the progress of operations.

Otto Energy to mobilise 'Maersk Venturer' towards end of July

Otto Energy Ltd (“Otto”) is pleased to announce it has issued Maersk Drilling with formal notice in respect of the mobilisation of the Maersk Venturer drillship to the Hawkeye-1 exploration well location. Mobilisation to the drilling location will commence on 31st July 2015 and is expected to take around 1 to 2 days, with drilling operations to commence upon arrival of the rig on location. Drilling is expected to take around 23 days at the location.

Otto Energy contracts 'Maersk Venturer' for Philippines drilling

Otto Energy Ltd (“Otto”) has announced that it has signed a contract to secure the Maersk Venturer drillship for its Hawkeye-1 exploration well in the Philippines. The window of commencement for mobilisation to the Hawkeye-1 drilling location is between 17th July and 15th August 2015. Otto is in the process of securing key services and equipment in the build up to mobilisation. Once it has reached the drilling location, the Maersk Venturer is expected to take 23 days to drill the well until rig release. The unit is currently ready stacked in Labuan, Malaysia.

Short term contract for 'Maersk Venturer'

Maersk Drilling’s third drillship, Maersk Venturer, which was delivered 25th September 2014 from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si in South-Korea, has secured a short term contract with oil major Total. Maersk Venturer will commence a one well programme offshore Malaysia with an estimated duration of 45 days with potential extension up to 40 days. The drilling programme is expected to start in December 2014 following acceptance testing. The estimated revenue from the firm 45 days period is USD 17 million. “Total is a highly valued customer of Maersk Drilling and we see the contract award as a reflection of our long and good collaboration over the years. We are happy to get the Maersk Venturer out working, especially with the short term challenges in the floater market, and we remain confident that we can secure another good contract for the drillship, when this short term contracts ends,” says Claus V. Hemmingsen, CEO in Maersk Drilling and member of the Executive Board in the Maersk Group.