Greka Drilling Share News (GDL)

Greka Drilling has reported further progress following mobilisation orders from Essar Oil relating to a $65m contract for 100 wells to be drilled in the Raniganj East Block in West Bengal in India.Greka, which is the largest independent and specialised unconventional oil and gas driller in Asia, said five GD75 rigs that were mobilised from its existing fleet in China and arrived in India mid-August are being prepared for drilling at designated well sites. Two of the rigs are at present now fully erected and will begin drilling shortly. The remaining three rigs are still mobilising to the Essar pre-prepared drill sites. Drilling on the first wells is scheduled for mid-September. Chairman Randeep Grewal said: "We are delighted to announce that the Essar project is on track for spudding this month. This contract is important for Greka Drilling as it confirms our intention to diversify the company's client base, geographical strata and drilling operations. "It is also worth noting that this contract gives us an excellent foundation to further expand our services into the highly prospective and scalable Indian unconventional gas market which our business development personnel are focused on expanding into." Greka has already opened field offices and other support facilities on site and is in the final phase of training of all local employees in Durgapur. The drilling campaign is expected to last about 12 months.Shares in the group jumped 15.48% tp 12.01p by 08:16.NR