RE:RE:Are these Tuscany's rigs? Details from Altacorp...
Purchasing Two New Rigs for US$52 mm: HWO has also agreed to purchase
two heli-portable drilling rigs and ancillary equipment for ~US$52 mm from
Tuscany International Drilling (TID-V). The rigs are AC self-erecting 1500 HP triple
drilling rigs. The rigs are also relatively new (constructed in 2010 with roughly one
year of use) and feature the latest drilling automation technology. Of the $52 mm
purchase price, we estimate the two drilling rigs cost roughly $30 mm ($15 mm per
rig) with an additional $16 mm being allocated to upgrade costs (to operate in PNG)
and $6 mm for transportation and inspection costs. Of note, HWO has purchased
these rigs at a significant discount, as the cost to build these rigs new would be
roughly $30 mm per rig. That said, including refurbishment costs, these rigs would
be roughly 20% below new build cost.