7 Feb 2014 07:00
7 February 2014
Greka Drilling Limited
("Greka Drilling" or the "Company")
Share Price Movement
Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional oil & gas driller in Asia, has noted the negative movement in the Company's share price. The Company wishes to state that it is not aware of any reason for such movement.
As already announced in the Company's Operations Update issued on 23 January 2014, Greka Drilling has confirmed 180 drillable wells in 2014 for blue chip customers in China and India, which have an estimated total value of US$97 million.
Randeep S. Grewal, Chairman and CEO of Greka Drilling, commented:
"Greka Drilling has had a fantastic start to 2014 with contract wins and we begin the year in a stronger position than ever before. By increasing our geographical spread to India we have de-risked the business and have also grown our already healthy pipeline of business. It is worth noting that our contract of 10 LiFaBriC wells for GDG, which is worth US$15m, is the first of GDG's overall plan to drill 150 of these specialised wells this year. As such, the Company sees no reason for the decline of the share price given the visibility of increased revenues for 2014."
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 |
James Henderson / Rollo Crichton-Stuart Investor Relations Bell Pottinger
| +44 20 7861 3232 |