Velesto Energy Berhad (“VEB”) is pleased to announces that Velesto Drilling Sdn Bhd (“VED”), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, which in turn is a wholly-owned subsidiary of VEB, has received a Letter of Award from Sarawak Shell Berhad / Sabah Shell Petroleum Company Limited ("SSB/SSPC") for a contract for the Provision of Jack-Up Drilling Rig Services for Sarawak Shell Berhad / Sabah Shell Petroleum Company Limited for the provision of a jack-up rig services, the approval of which was received today.

The Contract is for VEB’s jack-up rig, namely NAGA 4, with an estimated contract value of USD17.68 million.

The VEB Group will assign its NAGA 4 for this Contract. The Contract is to drill seven firm wells with expected commencement date between 15 August 2021 to 15 October 2021.

NAGA 4 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.

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