Jasper: its drillship, Jasper Explorer, has cleared the required acceptance and performance tests, and will commence its drilling contract with AGR once it arrives in West African waters in early Oct.
AGR also exercised its option for the Jasper Explorer to drill a second well in offshore Guinea for Hyperdynamics Corp. This brings the estimated value of the drilling contract to ~US$26m from US$15m previously, and extends the duration of the drilling programme to ~90 days.
AGR has the option to deploy the Jasper Explorer for another 5 wells on mutually agreeable terms.
The co generated US$0.5m revenue in FYMar11 and made a loss of US$39.4m.
Stock trades at 0.5x P/B.
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