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Monday, 01 December, 2008, 23:10 GMT | more >>

Tethys to buy Chinese rig



By Upstream staff 

Canadian indie Tethys Petroleum has secured $5.3 million in financing from investors to purchase a new drilling rig from China.

The rig, manufactured by the Sichuan Honghua Petroleum Equipment, is capable of drilling to 23,000 feet (7000 metres).

Tethys plans to use the rig on its prospects in Kazakhstan and Tajikistan, but it will also be available for third party contracts.

The company expects to receive the new rig in the second quarter.


Wednesday, 19 March, 2008, 17:31 GMT  | last updated: Wednesday, 19 March, 2008, 18:37 GMT

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