Scorpion Vigilant Ltd., a wholly-owned subsidiary of Scorpion Offshore Ltd., received a letter of intent (LOI) from an independent US oil and gas company for a drilling program for the Offshore Vigilant offshore Trinidad. The program includes one exploratory well, one completion, and one recompletion, with an estimated duration between 95 and 135 days. Additionally, the operator shall have the right to an Optional Period including one development well, one completion and one recompletion, with an additional estimated duration of 60 to 75 days. The contract is expected to begin on or before 1 December 2009 and has a firm estimated value of US$ 10.5 to 15 million.

In early October, the Offshore Vigilant completed the first of two wells for UrdanetaGazprom-1 S.A. ("Gazprom"). Gazprom was not in a position to commence operations on the second well and is currently in discussions with the Company regarding the timing of operations on the second well, which is estimated to be at least 5.5 months commencing in continuation of the work in Trinidad.

Tags: Scorpion Offshore