Calmena: Very Strong Growth Prospects in Libya

In its financial results for the second quarter ended June 30, 2012, the Canadian company Calmena Energy Services made the following statement regarding its operations in Libya:

In Libya, drilling operations for one of our two drilling rigs commenced in the middle of the second quarter but were temporarily suspended due to an employee strike in late July. We believe the employee strike will be resolved and operations will resume in August. We are waiting for operations to stabilize on the first drilling rig before we commence drilling operations on the second drilling rig ...

One of our two rigs in Libya returned to work in the middle of the second quarter of 2012, and although operations are currently suspended as a result of an employee strike, we are expecting both rigs will return to work during the third quarter.

There are very strong long term growth prospects as the country strives to achieve and maintain its oil production targets; however, there remains some labour and infrastructure challenges that may affect utilization and profitability in the very near term.

(Source: Calmena Energy Services)

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