New Guinea Energy’s (ASX: NGE) new heli-portable drill rig, owned by its 50% joint venture Western Drilling, has arrived in Port Moresby from Wichita Falls, Texas and is currently being trucked to the company’s storage yard.
Importantly, the rig’s basic, mechanically powered design, as opposed to electric, means it is well suited to the difficult Papua New Guinea terrain.
The rig is optimised to move with a medium-lift helicopter in loads of less than 4 tonnes and can drill to depths in excess of 4000 metres with a 4 inch drill pipe.
The demand for drill rigs in Papua New Guinea over the next three years is set to increase for intermediate depth wells of between 1800 and 3000 metres, with currently not less than 12 wells planned in the Western Province during that period.
Western Drilling is an incorporated joint venture between Maps Tuna and New Guinea Energy.
Strong Financial Position
New Guinea Energy has a net cash position of around A$29 million as a result of a $20 million capital raising earlier this year.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22939/new-guinea-energy-to-take-delivery-of-new-drill-rig-in-png-22939.html
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