Petro Matad issues drilling rig tender

Petro Matad updated the market on Friday, announcing that it has issued a tender for a drilling rig and related services, in preparation for its drilling programme in Blocks IV and V, which is expected to commence in mid-2017.

The AIM-traded firm said that in 2016, it pre-qualified potential new bidders and in combination with a bidder that has previously drilled wells for Petro Matad, four companies have been issued the tender.

Based on pre-qualification results, drilling operational facility visits and rig inspections of the pre-qualified drilling contractors, the company said it believes that any of the potential bidders will be able to undertake the drilling programme.

“Bids are due to be received in late February following which an evaluation of the bids will be undertaken by the company,” the board explained in a statement.

“Contract award, after completion of negotiation of contract terms with the successful bidder, is expected to occur in late March or early April.

“Rig mobilisation will commence shortly thereafter.”

Further details of the drilling campaign and identification of the successful bidder will be disclosed in future announcements, Petro Matad confirmed.