Plexus sells 2 wellhead sets for £1.4m

Plexus Holdings, the AIM quoted oil and gas engineering services business said it had sold two of its POS-GRIP rental wellhead sets and associated mudline equipment and tooling to Russian partner and licensee LLC Gusar for £1.4m.

The wellheads will serve as the basis for Gusar's POS-GRIP rental exploration wellhead inventory, and are planned to be used for gas exploration drilling within the Russian Federation under the exclusive licence agreement between Plexus and Gusar and CJSC Konar, two independent Russian oil and gas equipment manufacturers.

"The sale represents a major milestone towards delivering on one of Plexus' objectives to establish its best in class POS-GRIP equipment in Russia and the CIS, one of the top three hydrocarbon producers in the world with significant gas reserves," Plexus said.