Signing of Drilling Contract
New Guinea Energy Limited (NGE) is pleased to announce that it has finalised the
terms of and executed a drilling contract with Australian Drilling Services Pty Ltd
(ADS).
As announced on 17 February 2010 NGE had previously entered into an option
agreement with ADS to secure their Kremco K650 rig (Rig 6) for NGE's 2010 drilling
program on its wholly owned Panakawa Prospect in PPL 267.
NGE is currently organising required equipment and materials as part of the initial
stages of this drilling program and a timetable has now been drawn up as follows:
ACTION DATE
MOBILISATION Late April
SPUD DATE Mid May
All dates in the above timetable are subject to the timely completion of obligations by
third parties, environmental factors such as inclement weather
Ann: Signing of Drilling Contract , page-2
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