Greka Drilling Mobilizes on Essar Contract
Greka Drilling Mobilizes on Essar Contract
13 May 2014
Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional oil & gas driller in Asia, is pleased to announce that following mobilization orders from Essar Oil Ltd, the US$65 million contract for 100 wells to be drilled for them in The Raniganj block in West Bengal announced by Greka Drilling on 16 December 2013 has commenced.The Company has mobilized five GD75 rigs from its existing fleet which are currently at the port in Tianjin, northern China. Allowing for shipping and related logistics, the first wells are expected to spud in September 2014. Over the course of the coming quarter accessory equipment and crews will also be mobilized. The drilling campaign is expected to last between 10 to 12 months.
The deployment of these rigs will not affect current drilling programmes for customers in China.
Mr. Randeep S. Grewal, Chairman, commented:
“Following the announcement of this important contract win with Essar Oil, we are delighted to have received mobilization orders to commence the drilling. The expertise we intend to provide to companies such as Essar Oil is being recognized across the sector and we look forward to starting drilling operations as soon as possible.
The contract itself is important to Greka Drilling as it cements our intention to diversify the Company’s client base, geographical strata and drilling operations. It is also worth noting that this contract and activity in India gives Greka Drilling an excellent foundation to further expand its services into the highly prospective and scalable Indian unconventional gas market”.
For further information on Greka Drilling, please refer to the website at www.grekadrilling.com or contact:
Betty Cheung, Director Corporate Affairs Greka Drilling | +852 3710 0228 | ||
Dr Azhic Basirov / David Jones / Ben Jeynes Nominated Adviser Smith & Williamson | +44 20 7131 4000 | ||
| +44 20 7614 5900 | ||
Mark Taylor Broker Charles Stanley Securities | +44 20 7149 6000 | ||
James Henderson / Rollo Crichton-Stuart Investor Relations Bell Pottinger | +44 20 7861 3232 |