KUALA LUMPUR: UMW Oil & Gas Corp Bhd’s shares fell 1.56% this morning despite securing a US$6.8mil contract to provide a jack-up drilling rig for ConocoPhillips Sarawak Ltd. The counter fell 1.56%, or 0.5 sen to 31.5 sen with a total of 3.46 million shares traded. UMWOG-WA eased 6.06% to 15.5 sen. Year-to-date, UMW O&G has fallen some 59.1%. UMW O&G announced yesterday that the contract was to drill two firm wells, with the option of two additional wells. It is anticipated that drilling activities for one well will span about 50 days with the activities on the first well commencing in the second quarter of 2018, off the coast of Sarawak.

Source: The Star December 05, 2017 01:41 UTC