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Velesto Energy Unit Bags Jack-up Drilling Deal Offshore Thailand

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Velesto Energy (KLSE:VELESTO) unit Velesto Sumber has secured a contract from Northern Gulf Petroleum to provide jack-up drilling services offshore Thailand.

Under the deal, the company will deploy its NAGA 6 rig for a drilling campaign in the Gulf of Thailand, covering four infill wells and three exploration wells, according to a Thursday Malaysian bourse filing.

The contract is expected to improve utilization of the company's premium jack-up rig fleet and contribute positively to earnings, it said.

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