25 Feb 2014 13:00
25 February 2014
GREKA ENGINEERING & TECHNOLOGY LTD
("Greka Engineering" or the "Company")
Operations Update
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 the following operations update for the second half of 2013.
Manufacturing
· Sales of 84 CNG dispensers and 2 wellhead compressors in H2 2013
· Final certification received for the manufacture of LNG dispensers with production to commence in the first quarter of 2014
· Addition of 30 new customers during 2013, a 39% increase over 2012
· A total of 107 customers in China
· No lost time due to injury or accident in 2013
Gas Compression
· Gas processed in H2 2013 was 15,144,139 cubic meters
o CNG: 5,886,289 cubic meters
o PNG: 9,257,850 cubic meters
· No lost time due to injury or accident in 2013
Power Generation
· Electricity generated in H2 2013 was 7,439,125 kwh
· Sold volume was 5,203,934 kwh
· Self-consumption volume was 2,235,191 kwh
· No lost time due to injury or accident in 2013
Infrastructure
· Total pipeline constructed in H2 2013 was 0.40km
· Sub-pipeline constructed in H2 2013 was 0.75km
· Power lines built in H2 2013 was 0.50km
· Successfully added 2.75km of gas gathering pipeline during 2013
· 34km of well gas gathering pipeline at the end of 2013
· No lost time due to injury or accident in 2013
Randeep S. Grewal, Executive Chairman of Greka Engineering, commented:
"It has become increasingly clear that Greka Engineering & Technology provides a comprehensive solution to companies looking to take full advantage of opportunities offered by the rapidly growing unconventional gas market. Creating a one-stop-shop to the many entrants into the sector, that can overcome challenges of creating a cash flow, is the immediate and clear opportunity for us".
For more information of Greka Engineering, please visit the company website at: www.grekaengineering.com.
Contacts:
Greka Engineering Randeep Grewal, Executive Chairman
| +852 3710 0168 |
Smith & Williamson Nominated Adviser Dr Azhic Basirov / David Jones / Ben Jeynes
| +44 20 7131 4000 |
RFC Ambrian Broker Sarah Wharry
| +44 20 3440 6800 |
WH Ireland Broker Tim Feather
| +44 113 394 6600 |
Walbrook Media & Investor Relations Paul McManus / Guy McDougall
| + 44 20 7933 8780 get@walbrookpr.com |
About Greka Engineering and Technology
Greka Engineering & Technology Ltd., (AIM; GEL) was demerged from Green Dragon Gas Limited (AIM; GDG) via a dividend in specie and was admitted to trading on AIM in September 2013.
Greka Engineering offers turnkey solutions to over 90 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.
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.
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.