Further to news wire reports from May 15, 2002, Canadian oilfield service provider Precision Drilling Corporation issued a clarification stating that it has received a letter of intent from Canadian Nexen Petroleum Yemen, which is conditional upon CNPY securing further approvals, to commence mobilizing for a long-term contract to provide wire line services for Canadian Nexen's Masila Block Operations in Yemen.
Corporation executives previously stated Precision Drilling was to expend it international operations with a new contract to provide well services in Yemen, following the signing of a letter of intent with Nexen to provide completion services for 220 wells at Nexen's prolific oil production operation in Yemen. The value of the contract was not disclosed.
Precision Drilling Corporation is listed on The Toronto Stock Exchange and on the New York Stock Exchange. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
