Velesto Drilling Sdn Bhd (VED) , a wholly owned subsidiary of Velesto Malaysia Ventures Sdn Bhd which in turn is a wholly owned subsidiary of Velesto Energy Berhad (VEB), received a letter of award from Mubadala Petroleum’s entity, MDC Oil & Gas (SK 320) Ltd (Mubadala Petroleum), for the Provision of Jack Up Drilling Rig Unit & Services for Pegaga Development Drilling Campaign.
In a filing to Bursa Malaysia, VED said the contract is to drill seven (7) firm wells with an expected commencement date envisaged for the second quarter of 2020 with estimated contract value worth of USD30 Million.
The group will assign Naga 4 to undertake the works. NAGA 4 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
