Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, announces the signing of a further contract to supply wellhead equipment for appraisal activity to an operating subsidiary of Bowleven plc (‘Bowleven’), an African-focused oil and gas exploration company quoted on AIM .
Plexus will supply High Pressure/High Temperature (‘HP/HT’) wellhead systems and services for drilling offshore Cameroon and the potential value of the contract is estimated at £1.05 million with revenues expected to commence in June/July 2012.
The drilling programme will utilise Plexus’ HP/HT 18-3/4″ 15,000 psi surface wellhead equipment for appraisal activities on two firm wells, both located in the company’s Etinde Permit area offshore Cameroon with scope to extend the contract for up to two further wells in the same permit area.
Plexus CEO Ben van Bilderbeek said, “Winning further work from operators who are familiar with our equipment and the operational, safety, and time saving advantages it can deliver is always highly satisfying. This additional contract for activity by Bowleven is testament to the strength and commercial viability of our POS-GRIP wellhead technology, especially for the more technically challenging HP/HT arena where Plexus is increasingly gaining a highly regarded reputation within the industry. The contract also allows us to make further in roads into the lucrative and highly active West African oil and gas arena, a market which we are keen to build our position in. With this in mind, we are excited to be working for Bowleven again and hope to continue this working relationship in the future.”
Source: Plexus Holdings PLC April 16, 2012