Greater Grosbeak Announcement

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Greater Grosbeak Announcement

Posted: 26 January 2018

Stavanger 26th January 2018: Wellesley Petroleum AS (“Wellesley” or “The Company”) announces an agreement with Transocean for a three-firm slot contract with the Transocean Arctic semi-sub rig. The commencement date for the contract is 1st June 2018. The rig will be employed on an exploration drilling campaign in the Måløy Slope area of the Northern North Sea (blocks 35/11 & 12). The Transocean Arctic will be employed to drill two exploration wells in the Wellesley-operated PL925 licence. Plans are also being made to drill a further exploration well to test an extension of the currently stranded Grosbeak Discovery.

Chris Elliott, CEO of the Wellesley Group of companies commented: “We are pleased to have secured a warm drilling rig to execute our campaign, which will be conducted in an area we believe to be highly prospective. Well planning is progressing and we are working with our JV partners and the relevant authorities to deliver a robust campaign plan. As operator of the drilling programme the Company is fully focused on delivering the work programmes in a safe, transparent and efficient manner”.

Press contact: Chris Elliott, Wellesley Group CEO