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Antonoil Wins General Contract For Oilfield Workover And Completion Service In South Iraq

The contract, with an estimated value of USD140 million, covers workover and completion services for more than 160 wells and acidizing service for over 60 wells.

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 received a notification from an international oil company customer operating oilfield projects in south Iraq that the Ministry of Oil of Iraq has lately cleared the general contract awarded to Antonoil for the provision of oilfield workover and completion services. Internal approval procedures have been undergoing at this point in time for the finalization of the said contract by the parties concerned.

The contract, with an estimated value of USD140 million, covers workover and completion services for more than 160 wells and acidizing service for over 60 wells. The four workover rigs required for the operation will be supplied by the Group. According to the pre-set schedule, the project is expected to commence in the first half of 2016, with services offered spanning for a term of three years. As the Group had obtained from the customer a letter of commitment for the project last October and further initialed the contract in January this year, as soon as internal approval procedures are completed and formal signing of the contract concluded to make the contract effective in the final stage of project confirmation, the Group will kick off preliminary preparation for the project in the short run.

The winning of this project signifies Antonoil's continuous efforts to strengthen its cooperation with international customers in overseas markets. With Antonoil being increasingly recognized by renowned international oil companies for its operational and service capabilities as well as project management expertise in markets including Iraq, it is believed that the project's success would further lead to rapid growth of overseas business of the Group.

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