Greka Drilling Regulatory News (GDL)

2 September 2014

Greka Drilling Limited

("Greka Drilling" or the "Company")

Indian drilling programme progress

Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional oil & gas driller in Asia, is pleased to announce that further progress has been made following mobilization orders from Essar Oil Ltd ("Essar") in relation to the US$65 million contract for 100 wells to be drilled in the Raniganj East Block in Durgapur, West Bengal.

Five GD75 rigs that were mobilized from the Company's existing fleet in China and arrived in India mid-August are at present 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 mobilizing to the Essar pre-prepared drill sites. The first wells will be spud in mid-September, commencing the 100 well programme for Essar.

Greka Drilling has already opened field offices and other support facilities in Durgapur, West Bengal and are in the final phase of technical and HSE training of all local employees in Durgapur. The local teams are being complimented and lead by experienced Greka Drilling personnel to ensure safe and successful execution.

The drilling campaign is expected to last about 12 months.

Mr. Randeep S. Grewal, Chairman, commented: 

"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."

For further information on Greka Drilling, please refer to the website at www.grekadrilling.com or contact: