The drilling of the 30 wells is expected to start in January 2010 and likely to be completed in June 2010. The value of this contract with PTR will depend on the drilling depth of each of the 30 wells drilled.
Hongjun Wang, president of China North East Petroleum, said: “We are pleased to sign this new drilling contract with PTR, which is our first since we acquired this business in September 2009. This assignment to drill 30 new wells is a standard order from PTR and our other oilfield services customers.
“Most of Tiancheng’s drilling contracts generally range between 20-40 installed oil wells. Tiancheng’s drilling utilization rate is currently at capacity in the 2009 fourth quarter and we have existing drilling contracts that will carry over into 2010.”
