RE: How high can the SP go?16 Jul 2024 15:35
During the period under review and subsequently, significant effort has been expended on preparing the Caspian Explorer for its first commercial drilling contract under the Group's ownership.
In February 2023 we announced a two well charter for a consortium in which Eni S.p,A, the Italian multinational energy company (ENI) is the leading member. Contracts for the first of the two wells are in place and the first charter commenced in July 2024. As the contract specifies day rates rather than a fixed amount for the use of the Caspian Explorer it will not be until drilling is completed that the total revenue will be known. However, we expect to receive at least a further $10 million in the next few months in addition to the upfront payments already received.
We are also in discussions to charter the Caspian Explorer in 2025 to a different consortium, with 2026 identified should the ENI led consortium exercise their option for a second well.