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Antonoil Wins Bid For Workover And Other Service In Middle Iraq

Anton is commissioned to provide a series of services covering workover, coiled tubing acidizing and other downhole services.

Anton Oilfield Services Group ("Antonoil" or the "Group", HKEx stock code: 3337), the leading independent oilfield services provider in China, is pleased to announce that the Group has won a bid lately for the provision of three well's workover and other services in middle Iraq. As the chief contractor for the project operated by an international oil company, Anton is commissioned to provide a series of services covering workover, coiled tubing acidizing and other downhole services. Iraqi Drilling Company is our working partner for the supply of workover rig equipment and operation. The contract value is estimated to stand at approximately USD17.99 million. The project is expected to kick off in early 2016.

The award of this service order denotes Anton's efforts to extend its reach from the original batch of Chinese customers to international corporate clients. This allows the Group to make its entry into new market areas in Iraq and work in collaboration with national oilfield services corporation in the country. Anton management believes the workover sector offers much potential for further development in Iraq. The smooth operation of such services would enable the Group to achieve better profitability for its workover service segment of the Group and open up new opportunities for business overseas.

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