Plexus Holdings notes follow-on contract in Oman

Plexus Holdings has been awarded an order for a second well from Masirah Oil Ltd, a BVI based company majority owned by leading technology driven oil and gas company REX International Holdings Ltd.

The new contract will see Plexus supply Masirah with its POS-GRIP Tersus Mudline equipment and 10,000psi adjustable rental exploration wellhead for the Karamah-1 exploration well offshore Oman.

The estimated value of the contract to Plexus is US$285,000 with revenues expected to commence in January 2017.

Karamah-1 will be drilled from the Aban VII Jackup rig and follows the successful drilling by Masirah (a new customer in a new territory) last year of the Manarah-1 well, which was drilled using Plexus' POS-GRIP wellhead equipment (see announcement of 20 January 2016 for further details).

Karamah-1 is the second of a multi-well programme which could extend to a third well, subject to the drilling results. Drilling operations are expected to take between 20 and 30 days.

Masirah originally selected Plexus' equipment due to the safety and time savings of POS-GRIP compared to the traditional slip and seal systems, and also the enhanced safety advantages of Plexus' mudline systems and surface hangers with installation through the blow out preventer.