CLAIMANT'S Exhibit 5
Letter sent by telefax on 5 June 1997

Speculative Drilling, Co.
123 Water Street
Petroleum City
Mediterraneo

5 June 1997

Mr. George Drill
General Manager
Deep Well Drilling, Inc.
1 Deep Well Plaza
Industrial City
Equatoriana

Dear Mr. Drill,

Your telefaxed letter of 3 June 1997 is surely a misunderstanding. Our letter of 21 May 1997 was not a rejection of the draft contract that you sent us in your letter of 13 May.

Under the conditions that prevailed when we sent you the letter we thought that your offer of E$30,000,000 was somewhat high, and we thought that on further reflection you might agree. We were, and are, interested in the rig and hereby accept your offer for it.

Sincerely,

(Signed)
Harvey Wells
General Manager.

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