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VYSARN LIMITED — Capital/Financing Update 2022
Feb 14, 2022
66029_rns_2022-02-14_e0d8e627-7b75-46b5-9a59-00809c924058.pdf
Capital/Financing Update
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ASX:VYS
15 February 2022
PENTIUM SECURES THREE YEAR CONTRACT
Vysarn Limited (ASX:VYS) ( Company ) is pleased to advise that its wholly owned subsidiary Pentium Hydro Pty Ltd ( Pentium ) has received confirmation of the successful award of a Goods and Services Contract (Contract) with BHP Nickel West Pty Ltd (BHP).
Key details of the Contract are:
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A three-year Contract term starting from 17 February 2022; and
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The Scope of Work as defined under the Contract is to provide the drilling and installation of production bores, monitoring bores and vibrating wire piezometers.
Revenue will be determined via a schedule of rates. The Company estimates that the revenue based on the utilisation of one rig and average metres drilled per month to be approximately $2.8 million for the initial 6-month Scope of Work.
To fulfill the Contract, Pentium will redeploy a Dual Rotary drill rig previously contracted out to an existing client under a dry hire agreement that expired on 31 December 2021.
Vysarn Managing Director Mr James Clement said:
“Pentium is delighted to be chosen as the successful tenderer to provide drilling service to BHP. They will be an important client for our company going forward and the award of the contract is another strong endorsement of the quality of Pentium’s service offering.”
The ASX announcement has been authorised for release by the Board of Vysarn Limited.
James Clement
Managing Director
Vysarn Limited
Telephone: +61 8 6144 9777
Email: [email protected]
Vysarn Limited | ABN: 41 124 212 175 | ACN: 124 212 175 | Level 1, 640 Murray St, West Perth, WA 6005 | T +61 (0) 8 6144 9777 | E [email protected] | vysarn.com.au