Well now, it looks like we were right about the Wilboss being released early. No announcement yet from Premier Oil about the completion of Chim Cong, but I'd expect to see something this week if they are just about finished with the rig.
Very exciting to think that KIK may have some SC54 reserves by the end of next month and potentially more in Oct. I think it's very smart of KIK/NDO to go for the low risk, low cost targets first.
When NoBrainer-1 is drilled and funded, KIK will have fully met their second and final JV commitment and costs are shared on an equity basis thereafter (NDO 60%, KIK 40%).
Incidentally, the Wilboss rig is managed by Premium Drilling, but is owned by Awilco Offshore ASA. Awilco have just accepted a takeover offer from China Oilfield Services Limited to be completed Sep/Oct.
KIK Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
