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6 Jan 2015 07:00
6 January 2015
Greka Drilling Limited
("Greka Drilling" or the "Company")
30 LiFaBriC Well Order Valued at US$45m
Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional oil & gas driller in Asia, is pleased to announce the award of further drilling work under the evergreen contract with its major client, Green Dragon Gas Ltd (LSE: GDG), following the successful completion of the previously announced 10 well LiFaBriC programme in 2014.
A new Work Order under the evergreen Master Drilling Contract, between Green Dragon Gas Ltd and Greka Drilling, for 30 new LiFaBriC wells in the Shizhuang South (GSS) block in Shanxi Province of China, has been signed between the two parties. The new well sites are under preparation and rigs and manpower are under mobilization. The Company expects to commence this programme in January 2015, utilizing up to 10 existing GD75 rigs.
Mr. Randeep S. Grewal, Chairman of Greka Drilling, commented;
"We are pleased to announce that the Company has completed the 2014 drilling program of 10 LiFaBriC wells for Green Dragon Gas Ltd and is delighted to begin the 2015 campaign with this 30 well LiFaBriC order. The value of this Work Order is approximately US$45m and is in addition to our existing US$65m contract for Essar in India, a substantial portion of which will be completed in 2015. We indeed look forward to a robust 2015."
For further information on Greka Drilling, please refer to the website at www.grekadrilling.com or contact:
James Henderson / Rollo Crichton-Stuart Investor Relations Bell Pottinger
| +44 20 7861 3800 |
Dr Azhic Basirov / David Jones / Ben Jeynes Nominated Adviser Smith & Williamson
| +44 20 7131 4000 |
Chris Hardie Broker Arden Partners
| +44 20 76145900 |
Mark Taylor Broker Charles Stanley Securities
| +44 20 7149 6000 |
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