16 Nov 2017 08:26
16 November 2017
Greka Drilling Limited
("Greka Drilling" or the "Company")
ONGC Contract Execution
Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional gas driller in Asia, is delighted to announce that, further to the announcement on 16 June 2017, it has entered into a three year drilling contract with Oil and Natural Gas Corporation Limited (ONGC) for its Bokaro CBM asset in India.
The project will entail the provision of drilling and mud services along with the provision of associated equipment and is estimated to generate total revenues of at least US$15 million over the three year period.
Randeep S. Grewal, Chairman & CEO of Greka Drilling, commented:
"I am pleased to announce that Greka Drilling has signed the contract with ONGC for the drilling of their wells at Bokaro in India. This contract consolidates our market position in both China and India and our strategic deployment of custom built state of the art CBM specific rigs in two of the biggest energy growth markets in the upcoming decade.
Greka Drilling will contribute significantly to the realisation of the Government of India's vision for environmentally friendly energy security cutting down Green House Gas emissions by exploring the unconventional resources in a quest for Clean Energy in the market.
This contract has affirmed our position in developing a cleaner energy future for the next generation".
For more information on Greka Drilling, please visit the Company's website at www.grekadrilling.com or contact:
Smith & Williamson Nominated Adviser and Broker Azhic Basirov / David Jones / Ben Jeynes
| +44 (0) 20 7131 4000 |
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.