GeoGlobal Resources has awarded a drilling services contract to Aberdeen company Exceed, covering the Myra and Sara offshore licences offshore Israel.
Exceed is already pressing on with engineering, commercial and critical logistical arrangements, clearing the way for a drilling campaign on the two prospects, each of which is underpinned by 400sq km of acquired and processed 3D seismic survey data.
This contract represents an important step forward for Exceed, which has been working for some time in the Black Sea, and is keenly interested in the eastern Mediterranean’s potential.
Director Ian Mills told Energy that, as a result of the GeoGlobal contract, Exceed had achieved its year-two target of running at least two projects.
The other being an ongoing multiwell programme for a national oil company in the Black Sea.
He said: “Our role with GeoGlobal is quite a bit more significant than the Black Sea work, in that we’re bringing in the rig and contracting all the services required to get the wells built.”
Duration will be 16 months minimum for two wells, which means 10 months planning followed by four or five months of execution, then a one-month review.
The expectation is that this package will boost turnover from about $8million in 2010 to $16million this year.
In the event that a successful discovery is made, there is provision within the contract to cover pressing on for longer with appraisal wells.
It is not long since Noble Energy announced what has been declared the biggest offshore gas discovery of the last decade – 16trillion cu ft, which is bigger than Troll in the Norwegian sector.
The wells to be drilled by Exceed will be 30-50km south of that discovery.
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