Frontier president Kristoffer Fellowes said the company had the flexibility to use the UMW NAGA 7 jack-up rig in other areas within the Philippines, making it an extremely valuable contract to the company.
The newly-built UMW NAGA 7 jack-up rig is capable of drilling to 375 feet of water depth and a total depth of 30,000 feet.
Fellowes said the contract covered a period of 120 days, with an option to extend for another 180 days.
The UMW Naga 7 contract, according to Fellowes, was a “game changer” for Frontier.
“We are now on the cusp of becoming a producer, an outcome that will catapult us into a period of rapid growth. The company couldn’t be happier,” Fellowes said.
UMW Offshore is a wholly-owned subsidiary within UMW Oil & Gas Corp. Berhad.
“We hope UMW NAGA 7 will further solidify our presence in this new emerging and exciting market. Just like our business model in Vietnam, we break into the market and develop it further with more contracts,” UMW Offshore president Rohaizad Darus said.
Frontier’s foothold in the Philippines and its local reputation as a credible operator has positioned it to take advantage of a number of opportunities and expand into a significant regional oil and gas producer in the near-term period.
Read more: http://www.oilandgastechnology.net/upstream-news/frontier-corp-plans-drill-two-philippine-wells-offshore-palawan-umw-jack