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Announcement
Date : 02 October 2015

OTHERS PERISAI PETROLEUM TEKNOLOGI BHD ("PERISAI" OR THE "COMPANY") LETTER OF AWARD FOR THE PROVISION OF THE JACK-UP DRILLING RIG "PERISAI PACIFIC 101" ("PP101") FOR PETRONAS CARIGALI SDN BHD ("PCSB") - FARM-OUT TO HESS EXPLORATION AND PRODUCTION BV

PERISAI PETROLEUM TEKNOLOGI BHD

Type Announcement
Subject OTHERS
Description
PERISAI PETROLEUM TEKNOLOGI BHD ("PERISAI" OR THE "COMPANY")

LETTER OF AWARD FOR THE PROVISION OF THE JACK-UP DRILLING RIG "PERISAI PACIFIC 101" ("PP101") FOR PETRONAS CARIGALI SDN BHD ("PCSB")

- FARM-OUT TO HESS EXPLORATION AND PRODUCTION BV

1.        INTRODUCTION

Reference is made to our announcements of 8 May 2014 (“8 May Announcement”) and 12 May 2014. Unless defined herein, all italicised and capitalised terms used here shall bear the same meaning as ascribed to the same in the 8 May Announcement.

The Company wishes to announce that its 51% subsidiary, Perisai Offshore Sdn Bhd has agreed with PCSB and HESS Exploration and Production Malaysia BV (“HESS”) to a farm-out of the Award of Contract No. CHO/2013/DDR/0079 (“Contract”) to HESS (“Farm-Out”).

All conditions relating to the disclosure of the Farm-Out has been secured today.

2.         DETAILS OF THE FARM-OUT

The Farm-Out commenced on 23 September 2015 and shall continue for a duration of nine (9) months, with an option to extend for a period up to one (1) month by HESS.

At the end of the Farm-Out, the PP101 will be reassigned to PCSB to support PCSB’s drilling operations.

The total contract value of the Farm-Out to HESS for the primary nine (9) month period is approximately USD26.9 million.

3.         EFFECTS

The Farm-Out will have no effect on the issued and paid up share capital of the Company. It is expected to contribute positively to the Group’s financial position for the financial periods comprised in the Farm-Out.

4.         DIRECTORS’ AND MAJOR SHAREHOLDER’S INTEREST

Datuk Zainol Izzet Bin Mohamed Ishak, the Managing Director of the Company, is a director of Perisai Offshore and holds 49% of Perisai Offshore’s issued and paid up share capital.

Save for that as disclosed above, none of the Directors and/or major shareholders of the Company or persons connected thereto have any interest, direct or indirect, in the Farm-Out.

5.         COMPANY’S BEST INTEREST

The Board is of the opinion that the Farm-Out is in the best interest of the Company.

This announcement is dated 2 October 2015.






Announcement Info

Company Name PERISAI PETROLEUM TEKNOLOGI BHD
Stock Name PERISAI
Date Announced 02 Oct 2015
Category General Announcement for PLC
Reference Number GA1-02102015-00052


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