Nido said the WilBoss is a newly built rig that can drill in water depths up to 400 feet and gives the joint venture the capability and flexibility to reach all identified drilling targets in its SC 54 program.
The company also said it is pleased to have secured the jack-up drilling rig, given the current tight rig market in South East Asia.
"With the rig contract now under our belt, the shallow water team's efforts over the coming months will be focused on ranking our 20-plus targets and conducting subsea surveys to optimise our selection of the final drilling locations," Nido deputy managing director Joanne Williams said
"Should the drilling program at year-end be successful, this area has the potential to deliver a near-term development and material cash flow to both Nido and Kairiki," she added.
Nido's head of exploration Jon Pattillo said the company is also advancing negotiations for a semi-submersible rig to drill the deeper water SC 54 Gindara Prospect in 2009.
The rig is expected to come on hire in October with drilling beginning later in the year.
