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Oil services specialist Rheochem (RHEP:AIM) has secured a $3 million contract to supply drilling fluid to private firm Jubilant Oil & Gas in India. Operations were established in India more than two years ago and CEO Hadyn Gardner says he sees further success to come in the country. The company’s main focus is on supplying drilling fluids to the international oil and gas industry but this is combined with some exploration acreage in the North Sea. It has a 3.3% stake in the Athena project which is currently being appraised with a view to securing a drilling licence from the UK government this year.

by: Tom Sieber