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

1997-2008

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. PERINA - TAMCIREBON	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
9. ARAMCO - SAUDI ARABIA	2003 TO PRESENT	ON-GOING DRILLING PROGRAM WITH WELL DEPTHS BETWEEN 3800 AND 5400M	PROVISION OF 2 UNITS 1500HP SCR AND 2 UNITS 2000HP SCR RIGS AND 2 UNITS OF 1000HP TRUCK MOUNTED RIG UNDER JOINT VENTURE WITH CNPC CHINA. CONTRACT WAS FOR 3 YEARS WITH ROLLOVER OPTION WHICH WAS EXERCISED IN 2007
10. PETROBRAS - BRAZIL	FEB 2008 ON-GOING	ON-GOING DRILLING PROGRAM WITH WELL DEPTHS BETWEEN 1100 AND 1800M	PROVISION OF 3 UNITS 650HP TRUCK MOUNTED RIGS; 11 UNITS 250HP TRUCK MOUNTED WORKOVER RIGS CONTRACTS ARE FOR 4 TO 8 YEARS WITH ROLLOVER OPTIONS. JOINT VENTURE WITH ETX BRAZIL LTD AS SERVICES PROVIDER
11. DAQING OILFIELDS & IR OILRIGS JOINT VENTURE	2006	PROVISION OF WORKOVER, SEISMIC, DOWNHOLE SERVICES ON AN INTERNATIONAL BASIS	JOINT VENTURE OPERATION HAS CLOSE TO 100 UNITS OF WORKOVER AND DRILLING RIGS WITH DRILLING DEPTH CAPACITIES BETWEEN 1000M AND 3000M. RIGS ARE SUPPLIED TO IN-COUNTRY CONTRACTORS AS BARE CHARTER OR FULLY CREWED. OPERATIONS IN ECUADOR, YEMEN, LIBYA