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KS Energy to Provide Land Drilling Rig to Qatar Based Company

Source: www.gulfoilandgas.com 11/9/2005, Location: Middle East

KS Energy Services Limited has secured a contract to provide an onshore land drilling rig to a Qatar based oil & gas company. The total value of the contract is approximately US$7.9 million comprising equipment, parts, commissioning, transportation, set up and project management. The Company will be paid in full upon completion of the project.

KS Energy is expected to deliver the onshore land drilling rig in the first quarter of financial year 2006. As such, the contract is not expected to have a material impact on the Group’s earnings per share or net tangible assets for the financial year ending 31 December 2005.

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