LONDON (Alliance News) - Greka Engineering and Technology Ltd Friday said it processed and sold more gas in the first half of 2015 in a period that was "in line with expectations".
The engineering, procurement, construction and management service company serving the unconventional gas sector in China said it processed 18.7 million cubic metres of gas in the first half of 2015, a 16% rise from the 16.1 million cubic metres processed a year earlier.
Around 16.3 million cubic metres of that production was sold in the period, representing a 21% rise from the 13.5 million cubic metres sold a year earlier with the remaining 2.4 million cubic metres being consumed by the company.
However, electricity generation fell to 8.4 million kilowatt hours, of which 6.8 million kilowatt hours was sold, representing a 26% rise from the 5.4 million cubic metres a year earlier with the other 1.6 million cubic metres being consumed internally by the company.
"This operational update is in line with our expectations. We have forecasted a gradual increase in business operations which is being demonstrated. It continues to be clear that Greka Engineering & Technology offers comprehensive solutions to companies looking to take advantage of the opportunities offered by the rapidly growing unconventional gas market," said Chairman Randeep Grewal.
Grewal is also the chairman and chief executive of fellow-listed Greka Drilling, which also announced an operational update Friday. Greka Drilling and Greka Engineering demerged in 2011, with both companies continuing to work in China with Green Dragon Gas PLC which released an update Thursday.
Greka Engineering shares were up 4.4% to 0.600 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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