20 Apr 2016 10:26
20 April 2016
Greka Drilling Limited
("Greka Drilling" or the "Company")
Mobilisation of Rigs in India
Greka Drilling Limited (AIM: GDL), the largest independent and specialised unconventional oil & gas driller in Asia, is pleased to provide an update on the contract to provide drilling services to Essar Oil Limited ("Essar") in India. The award of this contract was announced by the Company on 15 February 2016.
Essar has issued the mobilisation order in accordance to the contract and pursuant to which the Company has initiated mobilisation of two drilling rigs. Greka Drilling expects to commence drilling operations in May 2016. Essar is the largest producer of coal bed methane ("CBM") in India, principally from the Raniganj East Block in West Bengal, which is the contract area for Greka Drilling.
Randeep S. Grewal, Chairman & CEO of Greka Drilling, commented:
"We are delighted that we are again commencing work for Essar in the development of the Raniganj block. Greka Drilling's high quality semi-automated GD75 rigs, that are already situated within country, will drill both vertical and directional wells on a day-rate basis (rather than a metres drilled basis). The Company is also in discussions with other CBM developers in India with a view to assisting them in monetising their gas resources and it is positive to see that the Government of India remains committed to the development of CBM as a major source of domestic clean energy. We are at the forefront of CBM industry discussions in India and the remobilisation of our drilling rigs for Essar is testament to that."
For further information on Greka Drilling, please refer to the Company's website at www.grekadrilling.com or contact:
James Henderson / Rollo Crichton-Stuart Investor Relations Bell Pottinger
| +44 (0)20 3772 2500 |
Dr Azhic Basirov / David Jones / Ben Jeynes Nominated Adviser and Broker Smith & Williamson
| +44 (0)20 7131 4000 |