Friday, September 23, 2011
KS Energy: Signed a contract with BP Pakistan Exploration & Production Inc. to lease and operate its land rig – KS Discoverer 3. Work is expected to commence in 2H2011 in Oct. The rig will operate in Pakistan for a period of 1 yr plus a 1 yr renewal option. The total value for the contract (including the one year renewal option) would be about US$14m. In co’s most recent results, a net loss of $5.5m was posted, its 5th consecutive quarterly loss.