20 Jun 2013 07:00
20 June 2013
Greka Drilling Limited
("Greka Drilling" or the "Company")
CNPC Contracts Greka Drilling on Anze Project in Shanxi
Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional oil & gas driller in China, is pleased to announce that it has reached an additional agreement with China National Petroleum Corporation's ("CNPC") Huabei Oilfield Company ("CNPC Huabei") for Greka Drilling's proven drilling services. CNPC is China's largest state owned energy enterprise and a controlling shareholder of PetroChina, amongst others.
The Anze CBM Project in Shanxi is a newly developed area established in 2013 which lies 55 km northwest of the Company's base camp in Shizhuang South (GSS). The target coal seams are between 1000-1400meters deep. The Project entails drilling 110 wells during this year which will be drilled by CNPC self owned rigs and Greka Drilling. The planned wells will be vertical and directional. Greka Drilling has already completed its first well and is currently drilling the second. The first well was successfully completed in 74% of the budgeted drilling days.
Randeep Grewal, Chairman and CEO of Greka Drilling commented:
"We are delighted that CNPC has turned to Greka Drilling's services once again. We look forward to becoming a standard service provider to CNPC. The efficiencies we can provide through our highly trained and skilled workforce, aligned with our modern drilling fleet, are being recognised. The LiFaBriC well drilled for CNPC that was successfully completed in April is being tested for flow rates and once the results of these tests are completed it is our belief that more of these wells will be commissioned. China's aggressive targets for unconventional gas production in the 12th 5-year plan will be met if the focus by producers is on actual long term stable gas production whilst balancing these goals with the environmental benefits that LiFaBriC offers."
For further information on Greka Drilling, please refer to the website at www.grekadrilling.com or contact:
Stephen Hill, VP Corporate Communications Greka Drilling
| +852 3710 0108 |
Dr Azhic Basirov / David Jones Nomad Smith & Williamson
| +44 20 7131 4000 |
Steve Baldwin / Nicholas Harland Broker Macquarie Capital (Europe)
| +44 20 3037 2000 |
Tan Jeh Wuan Financial Adviser DBS Bank - Singapore
| +65 6878 5353 |
James Henderson / Nick Lambert / Rollo Crichton-Stuart Investor Relations Pelham Bell Pottinger
| +44 20 7861 3232 |