24 Jul 2015 07:00
24 July 2015
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GREKA ENGINEERING & TECHNOLOGY LTD
("Greka Engineering" or the "Company")
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Operations Update
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Greka Engineering & Technology Ltd. (AIM: GEL), the unconventional gas sector engineering and technology business with pipeline, gas compression and power generation assets in China, announces continued growth in all of its key metrics.
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The Company benefited from increases in gas processed, electricity generated and process engineering during H1 2015.
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Gas Compression
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路 Gas processed in H1 2015 was 661,520 thousand cubic feet (18.7 million cubic metres), a 16% increase over H1 2014 (568,463 thousand cubic feet/16.1 million cubic metres), of which:
o Sales volume was 577,897 thousand cubic feet (16.3 million cubic metres), a 21% increase over H1 2014 (477,720 thousand cubic feet /13.5 million cubic metres)
o Self-consumption volume was 83,623 thousand cubic feet (2.4 million cubic metres)
路 No lost time due to injury or accident in H1 2015
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Power Generation
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路 Electricity generated in H1 2015 was 8,420,174 kwh, of which:
o Power sales volume was 6,824,111 kwh, a 26% increase over H1 2014 (5,429,281 kwh)
o 1,596,063 kwh was consumed for operations in H1 2015
路 No lost time due to injury or accident in H1 2015
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Infrastructure
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路 10.0km of gas gathering pipeline was constructed in H1 2015
路 51.9km of well gas gathering pipeline at end of H1 2015
路 6.2km of power lines built in H1 2015
路 83.2km of power lines at the end of H1 2015
路 No lost time due to injury or accident in H1 2015
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Manufacturing
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路 Sales of 31 gas station refuelling equipment items聽in H1 2015
路 Addition of 6 new customers during H1 2015
路 A total of 156 customers in China at the end of H1 2015
路 No lost time due to injury or accident in H1 2015
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Randeep S. Grewal, Executive Chairman of Greka Engineering, commented:
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"This operational update is in line with our expectations. We have forecasted a gradual increase in business operations which is being demonstrated. It continues to be clear that Greka Engineering & Technology offers comprehensive solutions to companies looking to take advantage of the opportunities offered by the rapidly growing unconventional gas market. We continue to be focused on creating a 'one-stop-shop' for the many entrants into this niche sector."
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Contacts:
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Smith & Williamson Nominated Adviser Dr Azhic Basirov / David Jones / Ben Jeynes 聽 | +44 20 7131 4000 |
WH Ireland Broker Tim Feather 聽 | +44 113 394 6600 |
Walbrook Media & Investor Relations Paul Cornelius / Nick Rome / Guy McDougall 聽 | + 44 20 7933 8780 get@walbrookpr.com |
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About Greka Engineering & Technology
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Greka Engineering & Technology Ltd., (AIM: GEL) was demerged from Green Dragon Gas Ltd. (LSE: GDG) via a dividend in specie and was admitted to trading on AIM in September 2013.
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Greka Engineering offers turnkey solutions to over 100 upstream, midstream and downstream gas suppliers. The Company's technologies include Compressed Natural Gas/Liquefied Natural Gas (CNG/LNG) compressor equipment, CNG retail dispenser equipment and CBM wellhead extraction technologies. The Company also supplies proprietary Integrated Circuit Card Point of Sale (ICC POS) and Supervisory Control and Data Acquisition (SCADA) software and hardware solutions for the remote management of transmission systems, power facilities, vehicle management and retail services.
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In addition, the Company invests in, operates and maintains wholly owned assets for its customers in return for service contracts based on the volume management.
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The Company has historically completed several Engineering, Procurement, Construction and Management (EPCM) contracts including the design, construction and management of gas gathering systems, a gas pipeline in Shanxi Province to the China West-East pipeline, the installation and commissioning of a 10MW gas-fired power facility in the Shanxi province and the construction of CNG retail stations.
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For more information of Greka Engineering, please visit the Company's website at www.grekaengineering.com.
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