Current Project Work

Current Project Work

IROilRigs Int'l Ltd. has an existing asset base of owned and managed oilrigs whose power capacities range across 340hp SCR land rig. The company participates in oil exploration and well workover projects through a number of options:

- As the leasor of its oilrig inventory on a short or long term basis, for well work-over or deep-well exploration projects.

- As a turnkey drilling contract operator providing total turnkey services (from spud-in to production) on a unique and low cost "per meter" pricing structure.

- As a project investor on a cost recoverable and equity, or uplift, sharing participant basis.

IROilRigs is also able to supply for sale a complete range of oilrigs and related oilfield equipment on a straight sale or lease purchase scheme. Lease purchase arrangements are typically based on an initial deposit, regular monthly "day rate" accumulation and lump sum final settlement terms.

IRO PROJECT EXPERIENCE

1997-2002

PROJECT NAME	YEAR	WELL-DEPTH	PROJECT DESCRIPTION
1. CREST PETROLEUM - SAMARAHAN ORMAA OILFIELD, UZBEKISTAN	1997	6 WELLS 3,000-3500M	TURNKEY DRILLING. UZBEKISTAN MINISTRY OF OIL/LAND & MALAYSIA OIL COMPANY.
2. PT. CALTEX - INDONESIA WORKOVER PROJECT.	1998	330 WELLS	2 YEARS WORK OVER CONTRACT.
3. KONDOR PETROLEUM - SUMATRA	1999	5 WELLS 1,000-2,000M	DRILLING PROJECT AND INTEGRATED SERVICES.
4. PERTAMINA - JAMBI	2000	5 WELLS 1,200-2,500M 2 WELLS 2500M + 30 WORKOVER WELLS	HORIZONTAL DRILLING. & WORKOVER
5. CALTEX - MINAS	2001	20 WELLS WORKOVER DEPTHS UP TO 1,200M	WORK OVER & WELL SERVICES.
6. SEMCO - SAMARINDA	2001	2 WELLS UP TO 2,500M	DRILLING CONTRACT.
7. LAPINDO BRANTAS - EAST JAVA	2001	3 WELLS 1,100-1700M	DRILLING CONTRACT.
8. PERTAMINA - CIREBON	2002	6 WELLS 3,000 - 4,000M 4 WELLS 2500-2800M	DEVIATED DRILLING CONTRACT. INTEGRATED SERVICES CONTRACT PROJECT DURATION - 20 MONTHS, STILL IN OPERATION. COMPLETED FIRST WELL IN CONTRACT TIME. RECEIVED SAFETY AWARD FOR NON-ACCIDENTAL DURING PROJECT.