"With the signing of this agreement with Schlumberger, we now have the critical equipment and most of the drilling services contracts in place to enable us to begin drilling the Fatala-1 deepwater exploration well this spring," said
"Schlumberger is the world's leading provider of oilfield services and equipment to the upstream industry. No one has more experience than Schlumberger in helping oil and gas operators safely and successfully drill for hydrocarbons in some of the deepest waters around the world.
"With Schlumberger as integrated project manager for drilling services -- and with Pacific Drilling providing a modern deepwater drillship with an experienced crew -- we have assembled a world-class contingent of equipment, services and highly experienced manpower."
Under the MSA, Schlumberger will be the primary provider of services to drill the Fatala-1 well, including:
The estimated value of the MSA for the Fatala-1 well is approximately
"We are also advancing our discussions with several global oil companies that could farm into a significant portion of our project working interest, provide additional technical expertise and share the project costs and risks,"
This News Release contains "forward-looking statements" within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "plan," "project," "anticipate," "estimate," "believe," or "think." A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company's reports filed with the
President and Chief Executive Officer
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