First contract to new land drilling rig
References made to previous stock notices, regarding the rig merger with the issue of new Petrolia ASA shares as payment for 2 new land rigs. The first drilling contract has now been entered into between a large oil company in Romania and our Romanian rig manager. The duration of the contract is for 16 wells, approx. until the end of December of 2013. The contract has been obtained on satisfactorily terms and conditions in line with prevailing market rates for land drilling rigs. Scheduled work is anticipated to start mid-June this year. This activity is part of Petrolia’s Drilling &