ERHC Energy Inc (ERHE)

[CaesarStone]

Deepwater Pathfinder charts Addax course


By Upstream staff

Addax Petroleum has lined up the fifth-generation, dynamically positioned drillship Deepwater Pathfinder for its planned drilling campaign in the joint development zone (JDZ) off Nigeria.

Addax said in a statement that the drillship should kick off the deep-water campaign by spudding a well on the Kina prospect in JDZ Block 4 in the third quarter of the year.

The Transocean drillship is capable of drilling in water depths up to 3048 metres.

Addax's contract with the US-based outfit will see the Deepwater Pathfinder drill four wells in total with a minimum commitment of 120 days.

Payments under the contract are based on a day rate charging structure and a day rate of $600,000 to be allocated pro rata to Addax Petroleum and its applicable co-contractor parties.
Wednesday, 11 March, 2009, 10:35 GMT | last updated: Wednesday, 11 March, 2009, 10:35 GMT