Prospector Offshore releases contract updates

Prospector Offshore Drilling S.A. (Prospector) is pleased to announce that Total E&P UK Limited and ELF Exploration UK Limited (Total) has completed the preparation of the location for ‘Prospector 1’. Therefore, as of 5th September 2014 the rig is being compensated per its original contract at the mobilization rate. In addition, Prospector is pleased to announce that ‘Prospector 5’ has arrived in Invergordon, Scotland and is undergoing its acceptance process before mobilizing to Total's first drilling location to begin its three year charter contact.

Centrica strikes gas at Pegasus West in UK

Atlantic Petroleum has announced that drilling, Logging While Drilling (LWD) and wireline logging information at the Pegaus West (43/13b-7) well indicates the presence of gas. Following the analysis of cores and all other available data, the P1724 joint venture has decided to drill stem test the well. The well is being drilled with the ‘Paragon B391’ jackup rig in a water depth of about 95 feet and approximately 7 km WSW of the 43/13b-6Z Pegasus North discovery well. The Pegasus West well lies in the Southern North Sea, close to the producing Cavendish Field, and had a Carboniferous gas objective. The well is operated by Centrica Energy who hold a 55% interest in the licence. Atlantic Petroleum holds 10% equity and the remaining equity 35% is held by Third Energy Offshore.

GAC rig move brings 'Hercules Triumph' from Sri Lanka to India

GAC Sri Lanka has completed the movement of offshore drilling rig ‘Hercules Triumph’ from the port of Trincomalee to India. The rig, owned by Hercules Offshore, Inc., USA, is now safely anchored at Kakinada, ready to start drilling operations for CAIRN Energy at the RAVVA offshore oil field. GAC Sri Lanka, part of global shipping, logistics and marine services provider GAC Group, chartered three anchor-handling tug boats - SCI URJA, SCI Ahimsa and Mahaweli - to off-land the ‘Hercules Triumph’ from heavy-lift vessel Target at Trincomalee Anchorage and worked in close liaison with the Harbour Master and port officials throughout the complex operation. GAC also provided a range of port services including using its own fleet of supply boats for the transfer of crew and other personnel to and from the rig. Further, GAC Sri Lanka supplied provisions, stores, fresh water and bunker fuels to the rig and anchor-handling tugs. As part of its task to oversee the entire project, GAC Sri Lanka was also responsible for domestic air transfers of Hercules Offshore officials to and from the site. After four days of servicing at Trincomalee, the ‘Hercules Triumph’ was then towed by two tugs, the SCI URJA and the SCI Ahimsa, over 700 NM miles to Kakinada, arriving 8 days later. Mr. Preethilal Fernando, Director and CEO of GAC Sri Lanka, says: "GAC has long been a pioneering company in the oil and gas support services industry and this is another milestone in rig operations in Sri Lanka. The Port of Trincomalee is perfectly suited to this type of operation as it can accommodate vessels with a very deep draft, which is critical for off-landing and floating of rigs. "This was a complex operation and we have worked very closely with Hercules Offshore throughout the process, which has been a great success. We are very proud that Hercules Offshore entrusted GAC with the movement of the ‘Hercules Triumph’, which is now in location in the Indian Ocean and ready for operations again." As one of the world's leading shipping, logistics and marine services providers, GAC Group has a strong presence across the oil & gas sectors worldwide, providing a wide range of offshore support services for exploration, construction and production through to decommissioning of rigs, as well as a range of support services including ship supply, bunkering and crew travel services.

'Prospector 1' begins two year contract with Total

Prospector Offshore Drilling S.A. (PROS) is pleased to announce that ‘PROSPECTOR 1’ is elevated on Total E&P UK Limited and ELF Exploration UK Limited's (Total) Franklin location in the central North Sea and has commenced its two year drilling services contract. In addition, the Company is pleased to announce that Total is installing their equipment on ‘PROSPECTOR 5’ and acceptance testing is ongoing. At this time the rig is being compensated at a reduced day rate before mobilizing to Total's first drilling location to begin its three year drilling services contract.

GDF Suez and BP discover oil in North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f (licence P1588) and BP operated block 30/1c (licence P363) was flow tested at a maximum rate of 5,350 barrels of oil equivalent per day. The discovery, referred to as ‘Marconi’ by GDF SUEZ and ‘Vorlich’ by BP, is located in the Central North Sea. Ruud Zoon, Managing Director of GDF SUEZ E&P UK Ltd said: “This is an encouraging exploration discovery in a part of the Central North Sea that needs additional volumes of hydrocarbons to open up development options for several stranded discoveries. The discovery is our third successful well this year and demonstrates a continuing commitment by GDF SUEZ to an active exploration and appraisal drilling programme on the UK Continental Shelf.” Trevor Garlick, Regional President of BP North Sea said: “As BP marks its 50th year in the North Sea and as the industry looks to maximise economic recovery from the basin, increasing exploration activity and finding new ways to collaborate will be critical to realising remaining potential. This discovery is a great example of both.” The well was drilled by GDF SUEZ E&P UK Ltd as operator, with the Transocean Galaxy II jackup rig under a joint well agreement between the two licence groups. Business and Energy Minister Matthew Hancock said: “We are determined to have set the right fiscal and regulatory regimes to make sure we can get the maximum possible economic extraction of oil and gas from the North Sea.” “This discovery shows exactly what can be achieved in the North Sea if companies work together to maximise the considerable potential of remaining oil and gas reserves.”

Keppel wins newbuild jackup order

Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has secured a contract from BOT Lease Co., Ltd (BOTL), an affiliated company of The Bank of Tokyo-Mitsubishi UFJ, for a KFELS Super B Class jackup rig worth about USD240 million. Scheduled for completion at end 2016, the rig - which is provisionally named Hakuryu-15 - will be operated by Japan Drilling Co., Ltd (JDC) based on the leased agreement with BOTL. Mr Wong Kok Seng, Managing Director (Offshore) of Keppel O&M, said, "We are pleased for this opportunity to support BOTL, and to join hands with our valued customer JDC once again. Hakuryu 15 is the second KFELS Super B Class jackup rig that will join JDC's fleet, and their support is a reiteration of their trust and confidence in our proprietary solutions and companies. "The KFELS Super B Class is an innovative solution for drilling rigs that can operate in deeper depths and at higher temperature and pressure levels. With 11 such rigs successfully operating around the world, we are confident this new addition will be just as successful for BOTL and JDC. Our strong understanding with JDC developed over several projects will stand us in good stead in delivering this rig to their highest standards, safely, on time and within budget." Mr Yuichiro Ichikawa, President and Representative Director of JDC, said, "Over the years, we have entrusted several of our newbuilding and repair projects to Keppel and they have proven to be a worthy partner. Hakuryu-11, our KFELS Super B Class unit from Keppel FELS was delivered safely and on-time in 2013, and has been working well in the field. Hakuryu-15 will enable us to meet the strong demand from our customers for premium class jackup rigs and strengthen our position as a leading offshore drilling contractor. We look forward to receive another outstanding drilling unit that fits our exacting requirements." The KFELS Super B Class design has a drilling depth of 35,000 ft. This rig's leg structure is uniquely designed to provide enhanced robustness for operations at 400 ft water depth. The rig, adapted to JDC's operating philosophy, is engineered to operate in high ambient temperatures and can accommodate 150 personnel on-board. It features an offline stand building capability to handle drill pipes efficiently, a high capacity hook load of 2 million pounds, boosting overall rig performance and productivity.

Paragon Offshore acquires Prospector Offshore

Paragon Offshore plc ("Paragon") today reported that it has acquired 52,749,014 shares of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company listed on Oslo Axess ("Prospector"). Paragon acquired the shares at a price of 14.50 Norwegian kroner (NOK) per share, or $2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. Following this transaction, Paragon owns a total of 52,749,014 shares of Prospector, equal to 55.8 percent of the outstanding shares of Prospector. Paragon intends to launch a mandatory tender offer for the remaining outstanding shares of Prospector within four weeks as mandated by applicable Luxembourg and Norwegian law. In addition, Paragon will request the board of directors of Prospector to convene a general meeting of the Prospector shareholders to elect three new Paragon designated directors to the Prospector board. Prospector owns and operates two high specification Friede and Goldman JU-2000E jackups contracted to Total S.A. for use in the United Kingdom sector of the North Sea. The first unit, Prospector 1, is contracted until September 2016 at a dayrate of USd185,000 and the second unit, Prospector 5, is contracted for three years following contract commencement at a dayrate of $218,000. Combined, the contracts have backlog of USD384 million. Both contracts contain customer options for an additional term (three years and two years, respectively) at the same dayrates. Prospector has three additional JU-2000E jackups under construction at the Shanghai Waigaoqiao Shipbuilding (SWS) yard in China, the same yard that delivered Prospector 5. These three units, Prospector 6, Prospector 7 and Prospector 8, have published delivery dates of December 2014, September 2015 and March 2016. Prospector has the option to delay the delivery of Prospector 6 by up to 4 months. The three rigs are being constructed on a non-recourse basis with no parent company guarantees. Each of the JU-2000E units are heavy-duty, harsh environment jackups capable of operating in water depths up to 400 feet, with derricks rated for static hook loads of 2,000,000 pounds, and maximum variable deck loads of 14,300,000 pounds. "The acquisition of the majority of the outstanding shares of Prospector Offshore is a significant step in Paragon's long-term strategy to upgrade our fleet," said Randall D. Stilley, President and Chief Executive Office of Paragon. "The inclusion of Prospector's existing rigs into Paragon's fleet reduces our average rig age, upgrades our technical capabilities, and adds backlog with a key customer in an important operating region where Paragon already has economies of scale. Furthermore, the rigs under construction provide optionality for future growth. We look forward to launching the tender for the remaining shares of Prospector as quickly as possible." - See more at: http://www.paragonoffshore.com/investors-relations/investor-news/investor-news-details/2014/Paragon-Offshore-Announces-Acquisition-Of-A-Majority-Stake-In-Prospector-Offshore/default.aspx#sthash.pMPDcfJs.dpuf

Paragon Offshore announces purchase of additional Prospector Offshore shares

Earlier today, Paragon Offshore plc ("Paragon") reported that it acquired 52,749,014 shares of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company listed on Oslo Axess ("Prospector"). Paragon acquired the shares at a price of 14.50 Norwegian kroner (NOK) per share, or USD2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. Subsequent to this initial acquisition, Paragon has acquired an additional 35,713,562 shares in Prospector at the same price of 14.50 Norwegian kroner (NOK) per share, or USD2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. Following this transaction, Paragon owns a total of 88,462,576 shares of Prospector, equal to 93.5 percent of the outstanding shares of Prospector. Paragon reiterated its intent to launch a mandatory tender offer for the remaining outstanding shares of Prospector within four weeks.

Dana Petroleum completes Lille John-2 appraisal drilling

Dana Petroleum (“Dana”) has successfully completed the drilling of the Lille John-2 appraisal well and side-track on the Lille John oil field in licence 12/06 in the Danish North Sea. Dana spudded the appraisal well on the 13th December 2014 in Danish exploration license 12/06. The Lille John-2 (LJ-2) appraisal well and side-track confirmed the presence of sweet, light oil in the Late Miocene sandstone reservoir. The thickness and quality of the sandstone reservoir encountered in LJ-2 was found, as expected, to be improved relative to the LJ-1 discovery well drilled in 2011. The entire reservoir package was cored, a comprehensive log suite gathered followed by a drill stem test over the entire interval. The production test showed a maximum flow rate of 1,400 bbls/day, with no sand production. The oil quality was similar to that found in the LJ-1, being 34°-35° API with no H2S. Detailed evaluation of the acquired data will now be performed to confirm the exact thickness of the oil pay in order to assess the recoverable volumes in the Lille John accumulation and to determine commerciality. The 12/06 licence also contains the Broder Tuck gas/condensate discovery. Dana acquired 40 per cent equity in the licence from PA Resources last year and assumed operatorship on 1 June 2014.

GDF Suez announces discovery with 22/16-6 well

GDF SUEZ E&P UK Ltd and its co-venturers today announced a new discovery in the UK Central North Sea. The 22/16-6 well on the Dalziel structure flowed at rates in excess of 8,000 barrels of oil equivalent per day. The well is now being side-tracked to appraise the extent of this discovery. Block 22/16 is part of GDF SUEZ operated Licence P.1799. Ruud Zoon, Managing Director of GDF SUEZ E&P UK Ltd said: “This is another encouraging discovery by GDF SUEZ following on from a successful exploration campaign in 2014. It demonstrates a continuing commitment by GDF SUEZ to an active exploration, appraisal and development drilling programme on the UK Continental Shelf.” The well was drilled by GDF SUEZ E&P UK Ltd as operator, with the Transocean Galaxy II jack-up rig. Co-venturers are GDF SUEZ E&P UK Ltd (30%), RWE DEA UK SNS Ltd (25%), JX Nippon Exploration and Production (U.K.) Limited (25%) and Total E&P UK Limited (20%).

Paraon Offshore announces sale and leaseback agreement for prospector jackups

Paragon Offshore plc ("Paragon") today announced that certain wholly owned subsidiaries of the company, which were part of the company's acquisition of Prospector Offshore Drilling S.A. ("Prospector"), have entered into a combined USD300 million sale-leaseback financing facility with subsidiaries of SinoEnergy, a private investment firm registered in the British Virgin Islands. Net of fees and expenses, Prospector expects to receive net proceeds of approximately $292 million. Under the terms of the agreement, Prospector will sell two heavy-duty, harsh-environment jackup units, Prospector 1 and Prospector 5, to subsidiaries of SinoEnergy and immediately enter into a bareboat rental charter for the assets for a period of five years. The bareboat charter fee for Prospector 1, which is under firm contract until mid-September 2016, is USD71,000 per day through November 2016, after which it will be USD42,000 per day for the remainder of the charter. The bareboat charter fee for Prospector 5, which is under firm contract until mid-November 2017, is USD71,000 per day through February 2018, after which it will also be reduced to USD42,000 per day. The combined implied cost of borrowing is approximately 7.5%, including fees and expenses. The lease financing is non-recourse to Paragon. "We are extremely pleased to have secured this financing on the two Prospector rigs at what we consider to be an attractive rate in this environment," said Randall D. Stilley, President and Chief Executive Officer of Paragon. "As a result of this financing initiative, we have increased financial flexibility and are evaluating options for the use of the proceeds, whether it be to retain the cash in order to increase our liquidity or to further strengthen the balance sheet through debt reduction." The facilities are expected to fund by early third quarter 2015. Funding is subject to customary conditions for a transaction of this nature

Paragon Offshore embarks upon wave of cold stacking

Paragon Offshore Plc (“Paragon”) has announced it has taken the decision over the past month to cold stack eight jackup rigs. The announcement follows the company’s release of its updated fleet report in which Paragon has laid out plans to cold stack four jackups in the USA following their move from Mexico (B301, L1113, L781 and M821). In addition to these four units, the company has cold stacked the L785 jackup in Malaysia, the L783 jackup in Cameroon and the L1116 and M531 units in the USA. The eight jackups have a combined average age of 37 years and are at the older end of the operational rig fleet spectrum. This wave of cold stacking comes as these units concluded their existing contracts and with no future contracts on the horizon, Paragon has taken the decision to remove them from its active fleet.

Paragon Offshore closes sale & leaseback transaction

Paragon Offshore Plc ("Paragon") today announced that certain wholly owned subsidiaries of the company, which were part of the company's acquisition of Prospector Offshore Drilling S.A. ("Prospector"), have closed the combined USD300 million sale-leaseback financing facility that was announced on June 4th, 2015. Net of fees and expenses, Prospector received net proceeds of approximately USD292 million. Both the Prospector 1 and Prospector 5 will now be leased back to Paragon for a five-year period.

Perisai delays delivery of second jackup rig

Perisai Petroleum Teknologi BHD (“Perisai”) has announced that the company intends to delay the delivery of its second jackup rig ‘Perisai Pacific 102’ until the 31st March 2016. The unit was originally intended to be delivered on 30th April 2015, however, the delivery date is now revised to a date no later than 31st March 2016. The agreement was reached between Perisai and PPL Shipyard Pte Ltd.

Termination Of Rig Construction Contract With PPL Shipyard Pte Ltd For The Construction Of A High-Specification Jack-Up Rig

MP Drilling has today issued PPL, the builder of the New Rig, a notice of termination of the Rig Construction Contract following the latter's failure to comply with certain of its material contractual obligations. In arriving at this decision to terminate the Rig Construction Contract, MP Drilling has taken into account various factors including cracks found on all three legs of the New Rig during two rounds of tests, notwithstanding repair works carried out by PPL after the first round of tests. In view of the termination of the Rig Construction Contract, MP Drilling will not be taking delivery of the New Rig and it will be seeking, among others, a refund from PPL of the initial amount of 10% of the contract price (approximately US$21.4 million) previously made to PPL pursuant to the Rig Construction Contract together with interest.

Orca Exploration announces the completion of the offshore workover and drilling program phase of its Songo Songo Main Field development programme

Orca Exploration Group Inc announces the successful completion of its offshore workover and drilling program (the "Off-Shore Programme") and the release of the Paragon M826 mobile drilling workover rig. The Off-Shore Programme of the Songo Songo Main Field development programme (the "development programme") included workovers on three existing wells (SS-5, SS-7 and SS-9) and the drilling of one new development well, SS-12. Phase 1 of the development programme also includes the completion of the SS-12 production platform, flowlines and tie-in facilities connecting SS-12 to the Company's gas processing facilities and a refrigeration system required to ensure field production stability to enable the Company to produce wells into the newly built National Natural Gas Infrastructure Project ("NNGIP"). The total cost of Phase 1 of the development programme was originally estimated to cost US$120 million, however, now that the Off-Shore Programme has been completed, the Company expects that Phase 1 of the development programme to have a total cost of under US$80 million with costs incurred to date of approximately US$68 million. The reduction in costs was a result of being able to successfully workover the three wells without having to do any side-tracking, efficiencies achieved during the work-overs, and work scope changes which reduced the original estimated time required to complete Phase 1. The full development programme provides for additional workovers, compression systems and additional infrastructure to ensure all production commitments are met through to the end of the licence in 2026.

Transocean Ltd. Announces High-Specification Jackup Delivery Delay

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today a mutual agreement with Keppel Offshore & Marine Ltd's shipyard, Keppel FELS, to defer the delivery and related payments of five high-specification jackups until 2020. The Super B 400 Bigfoot Class jackup drilling rigs are now scheduled to be delivered in two and three month intervals beginning in the first quarter of 2020.

Transocean Ltd. Announces High-Specification Jackup Delivery Delay

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today a mutual agreement with Keppel Offshore & Marine Ltd's shipyard, Keppel FELS, to defer the delivery and related payments of five high-specification jackups until 2020. The Super B 400 Bigfoot Class jackup drilling rigs are now scheduled to be delivered in two and three month intervals beginning in the first quarter of 2020.

Transocean Ltd. Announces High-Specification Jackup Delivery Delay

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today a mutual agreement with Keppel Offshore & Marine Ltd's shipyard, Keppel FELS, to defer the delivery and related payments of five high-specification jackups until 2020. The Super B 400 Bigfoot Class jackup drilling rigs are now scheduled to be delivered in two and three month intervals beginning in the first quarter of 2020.

Transocean Ltd. Announces High-Specification Jackup Delivery Delay

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today a mutual agreement with Keppel Offshore & Marine Ltd's shipyard, Keppel FELS, to defer the delivery and related payments of five high-specification jackups until 2020. The Super B 400 Bigfoot Class jackup drilling rigs are now scheduled to be delivered in two and three month intervals beginning in the first quarter of 2020.

Exploration well on Bakassi West, Cameroon, Manatee-1, Well Results

SDX Energy Inc. (“SDX” or the “Company”) (TSX VENTURE: SDX), an oil & gas exploration and production company with assets in Egypt & Cameroon, hereby announces that drilling operations have been completed on the Manatee-1 exploration well in Cameroon. The well is operated by Dana Petroleum and SDX holds 35% working interest (38.89% paying interest) in the concession. The Manatee-1 well, which is located in shallow water in the prolific Niger Delta Basin, offshore Cameroon, was spud on 2 nd of March using the Paragon M825 jack-up rig, reached TD of 1,447 meters on 27 th of March. The well intersected 26 metres of gas bearing section of varying quality throughout the wellbore. Wellbore conditions did not permit the acquisition of a full suite of logging tools in the deeper sections of the hole which makes the analyses of these lower intervals inconclusive at this time. Additional technical work will be completed with the samples and material collected from the well to improve the understanding of their quality in a post well analyses. The operation was conducted safely and within the anticipated pre-well budget estimate.

Spudding of high impact exploration well on Bakassi West, Cameroon

– SDX Energy Inc. (“SDX” or the “Company”) (TSX VENTURE: SDX), an oil & gas exploration and production company with assets in Egypt & Cameroon, is pleased to announce that drilling operations have commenced on its high impact exploration well (Manatee-1) on Bakassi West, Cameroon. The well, which is located in shallow water in the prolific Niger Delta Basin, offshore Cameroon, will be drilled using Paragon M825 jack-up rig to a depth of 1,550 meters and the operation is expected to take up to 45 days. The well is operated by Dana Petroleum and SDX holds 35% working interest (38.89% paying interest) in the concession. The concession, which contains a number of discoveries, is covered by 350km of newly acquired 2D seismic from which 13 prospects and leads have been identified. The location of Manatee-1 is in the South Western corner of the block, and has been chosen based on the seismic data which has identified strong geological similarities to the adjacent Abana Field, which lies 7km’s to the Southwest. The Abana field has reported recoverable reserves of 85 MMBBL of high quality light crude oil which produced at a plateau rate of 30kbopd when it came on stream in 1999.

MSS1 to Invergordon

Semco Maritime has won a contract with Paragon Offshore for intermediate classification and service works on the SemiSub Drilling Rig Paragon MSS1. The service works will be performed at Semco Maritime’s rig facilities at Invergordon, Scotland, over an estimated period of 60 days. According to head of Semco Maritime Rig Projects, Senior Vice President Lars Skov, Semco Maritime was chosen due to its strategically located rig facilities at Invergordon, Hanøytangen (Norway) and Esbjerg (Denmark), together forming the North Sea rig triangle operated by Semco Maritime. “Our three strategically located hot spots in UK, Norway and Denmark offer the kind of flexibility, convenience and cost-efficiency that many of our rig clients are looking for in the current market”, says Lars Skov, while he first and foremost ascribes the order to Semco Maritime’s broad experience within rig service. Besides Invergordon, Semco Maritime rig facilities comprise yard facilities in Esbjerg (typically minor rig projects) as well as Hanøytangen, Norway, with an all-size dry dock and quay depths of more than 100 meters.

Delivery Delay for Perisai Pacific 102

Reference is made to our announcements of 5 October 2015 and 28 February 2013 on the deferment of delivery date and the construction of the Perisai Pacific 102, respectively. We wish to inform that we have agreed with PPL Shipyard Pte Ltd (“PPL”) to further defer the delivery date of Perisai Pacific 102 to 31 October 2016 (“Further Deferment"). The Company and PPL had earlier agreed to revise the original delivery date for the Perisai Pacific 102 to 31 March 2016. The delivery date is now revised to a date no later than 31 October 2016. The parties have further agreed that the Company shall bear no more cost for the Perisai Pacific 102 from 1 April 2016. Additionally, the parties also agreed to take the opportunity to seek and evaluate any options that may arise during this period of Further Deferment. Apart from the above, all other contractual provisions remain the same.

Hercules Enters in to Sale Agreement for two Jackups

On December 2, 2016, Hercules British Offshore Limited (the “Seller”), a subsidiary of Hercules Offshore, Inc. (the “Company”), entered into a purchase and sale agreement (the “Purchase Agreement”) with Magni Drilling Limited (the “Buyer”). The Buyer is purchasing from the Seller two jack-up drilling rigs named Hercules Triumph (IMO 8771320) and Hercules Resilience (IMO 8771332) in their entirety, together with everything onboard, including all broached and unbroached provisions, spare parts and equipment onboard or onshore, rig site inventory, drawings, operating manuals, maintenance records, service contracts and all other documents pertaining to them for $130 million in cash. The Purchase Agreement is expected to close on or before January 10, 2017, subject to certain closing conditions.

Hercules Enters in to Sale Agreement for two Jackups

On December 2, 2016, Hercules British Offshore Limited (the “Seller”), a subsidiary of Hercules Offshore, Inc. (the “Company”), entered into a purchase and sale agreement (the “Purchase Agreement”) with Magni Drilling Limited (the “Buyer”). The Buyer is purchasing from the Seller two jack-up drilling rigs named Hercules Triumph (IMO 8771320) and Hercules Resilience (IMO 8771332) in their entirety, together with everything onboard, including all broached and unbroached provisions, spare parts and equipment onboard or onshore, rig site inventory, drawings, operating manuals, maintenance records, service contracts and all other documents pertaining to them for $130 million in cash. The Purchase Agreement is expected to close on or before January 10, 2017, subject to certain closing conditions.

Borr Drilling Limited completes the delivery of jack-up rigs from Hercules Offshore

Borr Drilling Limited announced today that it has completed the delivery of the Frigg (formerly Hercules Resilience) and the Ran (formerly Hercules Triumph) from Hercules Offshore. The two rigs are KFELS Super A class design, built at Keppel, Singapore, in 2013.

Borr Drilling Limited completes the delivery of jack-up rigs from Hercules Offshore

Borr Drilling Limited announced today that it has completed the delivery of the Frigg (formerly Hercules Resilience) and the Ran (formerly Hercules Triumph) from Hercules Offshore. The two rigs are KFELS Super A class design, built at Keppel, Singapore, in 2013.

Perisai Drilling order second jackup rig as the company looks to break into the Malaysian drilling market

Malaysia’s Perisai Petroleum Teknologi has placed an order for the company’s second jackup rig with SembCorp’s PPL shipyard in Singapore. The order follows the group’s first jackup order in May 2012 for the ‘Perisai Pacific 101’ as it looks to establish itself as a key drilling contractor in Malaysia. The jackup ordered is based on the Pacific Class 400 the same as the previous order and is due for delivery in Q2 2015 with a total construction cost of US$208 million.

Total extends contract for 'Prospector 1' jackup

Prospector Offshore has announced that Total E&P UK Ltd have amended the contract for the ‘Prospector 1’ rig. Total has chosen to extend the contract by 40 days from a 690 day period up to 730 days whilst also altering the options that are tied to the contract with an initial one year option followed by an additional four – six month options also. The extension of the contract is good news for Prospector Offshore following the delay in the initial delivery period of the unit.

Oro Negro boosts future rig fleet with further jackup orders

Oro Negro, a Mexican focused rig operator has placed an order for two more ‘premium’ jackup rigs to be built by Sembcorp Marine in Singapore. The two units will be built at the PPL shipyard in Singapore and will be based on the yards proprietary ‘Pacific 400’ design, with construction costing a combined price of US$471 million. Both units are expected to be delivered to Oro Negro in 2015 at the end of the second and third quarters respectively and are the fifth and sixth identical jackup orders that the company has placed with Sembcorp. Oro Negro plan to market the rigs for operation in the Mexican shallow water market, where the company is aiming to become a leading supplier of offshore drilling rigs.

Hercules Offshore increases stake in Discovery Offshore to more than 50%

Hercules Offshore has announced that the company has increased its controlling stake in the ‘high-specification’ jackup rig operator Discovery Offshore to over 50% in a deal worth in excess of US$110 million. The deal gives Hercules a controlling stake in two new ‘high-specification’ jackups the ‘Discovery Triumph’ and ‘Discovery Resilience’ and helps to bolster Hercules existing jackup rig fleet with two modern units, that are capable of achieving top-end dayrates similar to assets currently operating in the sector, whilst also opening up new international jackup markets for the company. The deal means that Hercules now has to make a mandatory offer for the remainder of shares in the jackup operator.

Keppel secures fifth jackup order from Gruop R

Keppel FELS has announced that the shipyard group has secured another newbuild jackup contract from repeat Mexican customer Grupo R. The order for the Keppel FELS B Class jackup rig is the fifth jackup order placed by Grupo R at Keppel during 2013, with the cost of the unit expected to be around US$206 million, with delivery anticipated to take place during Q4 2015. Upon delivery from the yard the jackup will bring Grupo R’s offshore rig fleet up to eight units, five of which will be newbuild jackups. The company already operates three semisubmersible drilling units all of which are currently drilling for Pemex in Mexico.

Prospector Offshore is awarded second drilling contract for newbuild jackup fleet

Total E&P UK has contracted a second newbuild rig from the jackup focused Prospector Offshore rig operator. The contract for the under construction ‘Prospector 5’ unit and follows the award of a contract by the same operator for the company’s ‘Prospector 1’ jackup rig that Total made in July 2012. The contract awarded to the ‘Prospector 5’ is for a 1095 day drilling campaign with a total value of US$249 million, as well as two un-priced 12 month extension options. The initial contract is due to commence in Q2 or Q3 2014 following delivery of the unit from the yard in China.

'Hercules Resilience' jackup is delivered by Keppel FELS

Hercules Offshore Inc (Hercules) has taken delivery of the newbuild ‘Hercules Resilience’ jackup rig from Keppel FELS Limited (Keppel) in Singapore. The ‘Hercules Resilience’ is a high-specification jackup built to Keppel’s KFELS Super A design and is the sister unit of the ‘Hercules Triumph’ rig that was launched earlier in 2013. The unit was originally completed in October 2013; however it has been undergoing additional upgrade work at Keppel’s yard in Singapore over the last previous two months before its official delivery was announced. The unit is being actively marketed for a drilling contract.

Perisai Petroleum places order for third newbuild jackup rig

Perisai Petroleum Teknologi Bhd (Perisai) has placed an order for third newbuild jackup rig at Sembcorp Marine’s subsidiary PPL Shipyard in Singapore. The newbuild order is for a Pacific Class 400 designed jackup rig similar to Perisai’s two under construction units the ‘Perisai Pacific 101’ and ‘Perisai Pacific 102’. Perisai has ordered the newbuild unit for US$211.5 million, with delivery expected during Q3 2016. The unit will be capable of operating in 400ft of water with the ability to drill down to 30,000ft whilst accommodating a total of 150 people on board.

Noble Corporation to name spinoff company Paragon Offshore

Noble Corporation plc (NYSE: NE) today announced that Randall D. (Randy) Stilley has been selected to serve as president and chief executive officer of Paragon Offshore, the standard specification offshore drilling company to be created upon separation from Noble. "The Board of Directors is pleased that Randy will lead Paragon Offshore," said David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation. "His proven leadership skills, depth of experience and offshore drilling industry knowledge have given our Board the utmost confidence that he will be able to lead this Company in providing safe and reliable drilling services for its customers, which has long been a hallmark of Noble." Stilley previously served as Chief Executive Officer and President of Seahawk Drilling, Inc., Chief Executive Officer of the mat-supported jackup rig business at Pride International Inc., as well as President and Chief Executive Officer of Hercules Offshore, Inc. He has over 38 years of experience in the oil and gas industry and has also held executive level positions at Weatherford International, Inc., Halliburton Company and Seitel, Inc. Stilley is a registered professional engineer in the state of Texas and a Member of the Society of Petroleum Engineers. He holds a B.S. degree in Aerospace Engineering from the University of Texas at Austin. "I consider it a privilege to accept this opportunity with Paragon Offshore," Stilley said. "It's exciting to be appointed to lead a company with a reputation for providing operational excellence worldwide. We have an outstanding team and a very capable fleet of assets to build upon. I look forward to working with our customers, employees and investors in this exciting new opportunity." Other members of the Paragon Offshore executive team were also announced. Charlie Yester, who currently serves as Vice President and Division Manager for Noble'sWest Africa operations, will be named as Senior Vice President of Operations; Andrew Tietz, who currently serves as Noble's Vice President Marketing and Contracts, will be named as Senior Vice President Marketing and Contracts; Lee Ahlstrom, who currently serves as Senior Vice President for Strategic Development, will be named as Senior Vice President of Investor Relations, Strategy and Planning; and Todd Strickler, who currently serves as Noble's Associate General Counsel, Corporate, will be named as Vice President and General Counsel. The Company anticipates making additional announcements regarding the appointment of other members of the management team and Board of Directors as the process moves forward. Williams added, "I'm excited with the degree of talent these individuals bring to the emerging organization. Each of them has contributed significantly to the success of Noble in recent years and their professionalism and experience in the industry positions Paragon Offshore for success in the future."

Lundin Petroleum has Spudded Exploration Well 41/10A-2 Offshore UK

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that drilling of the exploration well 41/10a-2 on the Lytham prospect located in block 41/10a, production licence P1129, in the southern North Sea sector of the United Kingdom Continental Shelf (UKCS), has commenced. The 41/10a-2 is targeting Carboniferous Namurian sandstone and the Haupt and Platten dolomite reservoirs of Permian age. The structure is defined by 3D seismic and is a large 4 way dip closure. The unrisked gross potential is 400 billion cubic feet (bcf) (65 million barrels of oil equivalent (mmboe)). Lundin Petroleum has contracted the Global Santa Fe Galaxy II jack-up rig to drill this prospect. Drilling is expected to take one month. The Lytham prospect is the first well of a three well back-to-back exploration drilling programme on the UKCS using the same rig. Lundin Petroleum is the operator with 25 percent interest. Partners are Challenger Minerals (North Sea) Limited and Palace Exploration Company (E&P) Limited with Gulf Shores UK Petroleum Ltd, Eternal Energy Limited, Britcana Energy Ltd and Monarch Energy Limited participating in the well in an earn-in capacity.

LUNDIN PETROLEUM COMPLETES EXPLORATION WELL 41/10A-2Z

Lundin Petroleum AB (Lundin Petroleum) announces that the well 41/10a-2Z on the Lytham prospect reached Total Depth at 2,063 meters (6,768 ft). The well is located in the Southern North Sea sector of the United Kingdom continental shelf (UKCS). The well was drilled using the GSF Galaxy II jack-up rig, evaluated three reservoir targets and is being plugged and abandoned as a dry hole. Lundin Petroleum is the operator with 25 percent interest. Partners are Challenger Minerals (North Sea) Limited and Palace Exploration Company (E&P) Limited with Gulf Shores UK Petroleum Ltd, Eternal Energy Limited, Britcana Energy Ltd and Monarch Energy Limited participating in the well in an earn-in capacity. On completion of the abandonment the rig will be mobilised to the 21/8-C location – Scolty and Banchory prospects, the second well in a three well back-to-back UKCS exploration drilling programme.

LUNDIN PETROLEUM HAS SPUDDED EXPLORATION WELL 41/10A-2, OFFSHORE UNITED KINGDOM

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that drilling of the exploration well 41/10a-2 on the Lytham prospect located in block 41/10a, production licence P1129, in the southern North Sea sector of the United Kingdom Continental Shelf (UKCS), has commenced. The 41/10a-2 is targeting Carboniferous Namurian sandstone and the Haupt and Platten dolomite reservoirs of Permian age. The structure is defined by 3D seismic and is a large 4 way dip closure. The unrisked gross potential is 400 billion cubic feet (bcf) (65 million barrels of oil equivalent (mmboe)). Lundin Petroleum has contracted the Global Santa Fe Galaxy II jack-up rig to drill this prospect. Drilling is expected to take one month. The Lytham prospect is the first well of a three well back-to-back exploration drilling programme on the UKCS using the same rig. Lundin Petroleum is the operator with 25 percent interest. Partners are Challenger Minerals (North Sea) Limited and Palace Exploration Company (E&P) Limited with Gulf Shores UK Petroleum Ltd, Eternal Energy Limited, Britcana Energy Ltd and Monarch Energy Limited participating in the well in an earn-in capacity.

LUNDIN PETROLEUM HAS SPUDDED EXPLORATION WELL 21/8-3, OFFSHORE UNITED KINGDOM

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that drilling of the exploration well 21/8-3 on the Scolty and Banchory prospects located in Block 21/8, production licence P1107, on the United Kingdom Continental Shelf (UKCS), has commenced. Well 21/8-3 is targeting Palaeocene and Jurassic sandstones. The Scolty prospect is defined by a 3D seismic anomaly and the Banchory prospect is a stratigraphic pinchout. The unrisked gross potential is 51 million barrels of oil equivalent (mmboe). Lundin Petroleum has contracted the Global Santa Fe Galaxy II jack-up rig to drill this prospect. Drilling is expected to take 45 days. The 21/8-3 is the second well of a three well back-to-back exploration drilling programme on the UKCS using the same rig. Lundin Petroleum is the operator with 40 percent interest. Partners are Challenger Minerals (North Sea) Limited and Palace Exploration Company (E&P) Limited.

LUNDIN PETROLEUM HAS SPUDDED EXPLORATION WELL 12/17B-1, OFFSHORE UNITED KINGDOM

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that drilling of the exploration well 12/17b-1 on the Ridgewood prospect located in block 12/17b, production licence P1301, in the Moray Firth area of the United Kingdom Continental Shelf (UKCS), has commenced. Well 12/17b-1 is targeting Jurassic sandstones. The Ridgewood prospect is a four-way dip closure. The unrisked gross potential resource is 41 million barrels of oil equivalent (mmboe). Lundin Petroleum has contracted the Global Santa Fe Galaxy II jack-up rig to drill this prospect. Drilling is expected to take 28 days. Well 12/17b-1 is the third well of a three well back-to-back exploration drilling programme on the UKCS using the same rig. Lundin Petroleum is the operator with 30 percent interest. Partners are Palace Exploration Company (E&P) Limited (25%), Britcana Energy Ltd. (25%) (a subsidiary of International Frontier Resources Corp.), Gulf Shores UK Resources Ltd. (10%) and Monoil UK Limited (10%).

LUNDIN PETROLEUM COMPLETES EXPLORATION WELL 12/17b-1, OFFSHORE UNITED KINGDOM

Lundin Petroleum AB (Lundin Petroleum) announces that the well 12/17b-1 on the Ridgewood prospect reached Total Depth at 1,731 meters (5,678 ft). The well is located in block 12/17b, production licence P1301, in the Moray Firth area of the United Kingdom Continental Shelf (UKCS). The well was drilled using the Transocean Galaxy II jack-up rig and evaluated one reservoir target. This target is being plugged and abandoned as a dry hole. Lundin Petroleum is the operator with 30 percent interest. Partners are Palace Exploration Company (United Kingdom) Limited (25%), Britcana Energy Ltd. (25%) (a subsidiary of International Frontier Resources Corp.), Gulf Shores UK Resources Ltd. (10%) and Monoil UK Limited (10%).

Sembccorp Marine's PPL Shipyard in Singapore secures newbuild jackup order

Singapore Exchange Mainboard-listed Marco Polo Marine Ltd (“Marco Polo Marine” or the “Company”) together with its subsidiaries (the “Group”), a growing reputable regional integrated marine logistic group, is pleased to announce that Marco Polo Drilling (I) Pte. Ltd., an indirect wholly-owned subsidiary of the Company, had entered into an agreement with PPL Shipyard Pte Ltd, a subsidiary of Sembcorp Marine Limited, to construct a high-specification jack-up rig (the “Rig”) with a contract value of US$214.3 million for delivery slated in the fourth quarter of 2015 (the “Rig Construction Contract”), with options to be exercised at the Company’s discretion to construct another two more units for delivery in the third quarter of 2016 and the first quarter of 2017 respectively. The high-specification jack-up rigs will be constructed based on PPL Shipyard’s proprietary Pacific Class 400 design which is capable of operating in waters of up to 400 feet and drilling high pressure and high temperature wells to depths of up to 30,000 feet. Incorporating advanced drilling equipment for improved drilling efficiency with 1.5 million pound of static hook load capacity, offline handling features and simultaneous operations support, Pacific Class 400 is capable of jacking at full preload. It will also be equipped with full catering facilities and amenities which can accommodate up to 150 people on board in one-man and two-man cabins.

Nexen contracts 'GSF Galaxy III' for Buzzard field accommodation work

Nexen has awarded Transocean’s ‘GSF Galaxy III’ jackup drilling rig a two and a half month contract extension for continued operations in the UK North Sea. Nexen plans to use the jackup as an accommodation unit on the Buzzard field during the extension period, with the unit earning a dayrate of US$180,000. Upon completion of its two and a half month contract extension, the jackup is due to enter a shipyard in the UK for 89 days of maintenance and inspections.

Prospector Offshore provides update on 'Prospector 1' contract

Prospector Offshore Drilling S.A. (the "Company" or "PROS") announces that starting 24 March 2014 PROSPECTOR 1 will be remunerated at a reduced day rate per its previously announced charter contract with Total E&P UK Limited ("Total"). This day rate will continue while Total's third party equipment is being installed and Total's Franklin location is being prepared to accept PROSPECTOR 1. This process is expected to be completed by the second half of April 2014, at which time PROSPECTOR 1 will commence its 730 days term of the charter contract.

'Noble Ton Van Langeveld' semisub spuds new production well

Atlantic Petroleum (Atlantic) today announced that the Blackbird Field’s second production well has been spudded using Noble Drilling’s ‘Noble Ton V Langeveld’ drilling rig. The Blackbird Field is owned by Nexen Petroleum U.K. Limited (Operator) 73.02957%, Nexen Ettrick U.K. Limited 17.57270% and Atlantic Petroleum UK Limited 9.39773%. The Blackbird field was discovered in 2008 and has been in production since 2011. The field currently consists of one subsea producer and one water injector tied back to the Aoka Mizu FPSO (which also handles the Ettrick Field production). Oil is exported by shuttle tanker and gas exported to the St Fergus gas terminal. The well is expected to be in production in early Q3 2014 and provide a significant production boost for the Field. The base case production from the well is included in the Atlantic Petroleum production guidance for 2014. The investment in the well qualifies for the Brown Field Allowance under the UK taxation system.

Prospector Offshore secure finance for delivery of 'Prospector 5'

Prospector Offshore Drilling S.A. (the "Company" or "PROS") announces that its newly formed subsidiary, Prospector Finance II S.à r.l. has secured a fully committed Senior Secured Credit Facility (the "Senior Credit Facility"), subject to documentation, in the amount of US$270 million. Prospector Finance II S.à r.l. is also contemplating the issuance of a US$100 million second lien bond (the "Bond Loan") in the amount of US$100 million. The net proceeds from the Senior Credit Facility and the contemplated Bond Loan will be used to fully finance the delivery of ‘PROSPECTOR 5’, (expected early June 2014), refinance existing debt secured by ‘PROSPECTOR 1’, and for general corporate purposes. ‘PROSPECTOR 1’ is currently on a special standby rate while Total E&P UK Limited's Franklin Location is being prepared to accept the rig and is expected to commence full operations in May 2014. The Senior Credit Facility is being arranged by ABN AMRO Capital USA LLC and DNB Bank ASA. The Senior Credit Facility will be secured by a first mortgage on ‘PROSPECTOR 1’ and ‘PROSPECTOR 5’ and will be guaranteed by the Company. All other terms will be customary for this type of facility. DNB Markets, Pareto Securities and Swedbank have been appointed as joint lead managers and bookrunners of the contemplated Bond Loan. The term of the contemplated Bond Loan will be five-years and the Bond Loan will be secured by a second lien mortgage on ‘PROSPECTOR 1’ and ‘PROSPECTOR 5’ and guaranteed by the Company. This press release contains forward-looking statements that involve risks and uncertainties. You are cautioned not to put undue reliance on forward-looking statements because actual events and results may differ materially from the expected results described by such forward-looking statements. Prospector Offshore Drilling S.A. disclaims any obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Rigmar awarded multi million pound contract with Transocean

Following a competitive tender, oil giant Transocean, has awarded Rigmar with a multi million pound shipyard services contract to complete works on the Galaxy II. Under this contract, Rigmar – an international single source provider of support services – will draw on the experience of its engineering and design, access, blasting and painting, construction, fabrication, resource management and inspection divisions. The project is expected to last approximately 68 days and will take place at Rigmar’s fabrication facility in Dundee. Robert Dalziel, Managing Director of Rigmar, said this contract is the largest of its size secured by the rig repair division: ‘To secure a contract of this magnitude with a respected company such as Transocean, demonstrates our growing reputation within the industry for delivering the highest standard of service. ‘Over the past 24 months, Rigmar has invested significantly in our offering to ensure we are well placed to meet the needs of this rapidly growing market and further demonstrate our commitment to develop our business in Tayside. ‘Through the acquisition of Riverside Engineering – recently rebranded Rigmar Fabrication – we have strengthened our position within the subsea, onshore IRM, offshore IRM and renewable industry.

Keppel delivers first KFELS Super A Class rig for harsh environments

Keppel FELS Limited (Keppel FELS) has delivered its first KFELS Super A Class jackup rig to Discovery Offshore S.A. (Discovery Offshore), which is managed by NASDAQ-listed Hercules Offshore, Inc. (Hercules Offshore). Named Discovery Triumph at a ceremony today, the first KFELS Super A Class jackup has been delivered 46 days ahead of schedule and with a perfect safety record. The ultra high-specification jackup rig has been designed for the harsh environmental conditions of the North Sea (UK Sector). Its enhanced leg design incorporates Keppel's proven and reliable high capacity rack and pinion jacking system which ensures that the rig is able to jack up and stand firm in a secure and safe manner even in challenging environments.

Keppel FELS delivers Hercules’ second KFELS Super A Class jackup rig

Keppel FELS Limited (Keppel FELS) has delivered to Hercules Offshore, Inc. (Hercules Offshore), their second harsh environment KFELS Super A Class jackup rig. The rig was named Hercules Resilience at a ceremony today after it was officially delivered on 30 November 2013, 45 days ahead of schedule, on budget and with a perfect safety record. The first KFELS Super A Class rig for Hercules, Hercules Triumph, was delivered in April this year, 46 days ahead of schedule. Designed for the harsh environmental conditions of the North Sea (UK Sector), the ultra high-specification jackup rig is also able to operate efficiently in virtually all parts of the world outside Norway and the Arctic. Its enhanced leg design incorporates Keppel's proven and reliable high capacity rack and pinion jacking system which ensures that the rig is able to jack up securely in a variety of challenging environments.

Keppel FELS delivers Galaxy III to Santa Fe

Keppel FELS Limited (Keppel FELS), a subsidiary of Keppel FELS Energy & Infrastructure Ltd, has delivered Galaxy III to Santa Fe International Corporation (Santa Fe). Keppel FELS undertook the engineering and construction while the rig's drilling equipment was furnished by Santa Fe. The total value of the rig is estimated to be around US$179 million. The rig was christened in Singapore on 18 September 1999 and will depart shortly for the North Sea, where it will be working in the UK's North Sea sector for BP-Amoco.

Prospector releases update for 'Prospector 1' & 'Prospector 5'

Prospector Offshore Drilling S.A. (PROS) expects that one of its subsidiaries will take delivery of ‘PROSPECTOR 5’, from the Shanghai Waigaoqiao Shipbuilding Co. Ltd (SWS) Shipyard in Shanghai, China, on Monday, 16th June 2014. ‘PROSPECTOR 5’ is the second in the Company's series of five high specification, harsh environment jack-up drilling rigs built to the Friede and Goldman JU2000E design. Upon delivery the rig will be mobilized to the UK sector of the North Sea where it is expected to begin its contracted work for Total E&P UK Limited and Elf Exploration UK Limited (Total) in September, in line with prior expectations. As previously announced, ‘PROSPECTOR 1’ is being remunerated at a reduced day rate per its amended charter contract with Total. This situation is continuing today while Total's Franklin location is being prepared to accept ‘PROSPECTOR 1’. PROS currently expects this situation will continue through the third quarter, at which time ‘PROSPECTOR 1’ will commence its 730 day charter contract.

Drilling commences on the 43/13b-7 Pegasus West well on UK Licence P1724

Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that drilling of the Pegasus West well 43/13b-7 has commenced on P1724 in the UKCS. The well is being drilled with the Noble Julie Robertson jackup rig in a water depth of about 95 feet. Pegasus West is being drilled approximately 7 km WSW of the 43/13b-6Z Pegasus North discovery well. This well was drilled in 2010 by Centrica Energy and Volantis Exploration, now a subsidiary of Atlantic Petroleum, and was plugged and abandoned in January 2011 having encountered gas in the Carboniferous. The Pegasus West prospect lies in the Southern North Sea, close to the producing Cavendish Field, and has a Carboniferous gas target. The rig is expected to be on location for over two months. The well is operated by Centrica Energy who hold a 55% interest in the licence. Atlantic Petroleum holds 10% equity and the remaining equity 35% is held by Third Energy Offshore. Ben Arabo, CEO, stated: “We are very pleased to announce the spud of the Pegasus West well. The well is designed to delineate the extent of the Pegasus Field, and if successful help to de-risk any future Pegasus development. This is Atlantic Petroleum’s third of four exploration wells in our planned 2014 drilling programme."