Drillsearch Energy Limited (ASX:DLS) has secured a long term contract Weatherford International’s 826 drilling rig. The initial term of the agreement is 18 months with the option to extend the contract for a further 24 months.
Drillsearch says the Weatherford 826 drilling rig is one of the most technologically advanced land based rigs currently operating in Australia.
Drillsearch is scheduled to start production on the rig on December, 1 2012.
In the first half of the 2012 financial year Drillsearch Energy reported a net loss of $1.3 million.
