13th May 2014 11:31
LONDON (Alliance News) - Greka Drilling Ltd Tuesday said following mobilisation orders from Essar Oil Ltd, the USD65 million contract for 100 wells to be drilled for Essar in the Raniganj Block in West Bengal has commenced.
Essar Drilling is part of Essar Group which owns FTSE 250-listed Essar Energy PLC.
Greka Drilling, a specialised, unconventional oil-and-gas driller focused on China, said it has mobilised five GD75 rigs from its existing fleet which is currently at a port in Tianjin, northern China.
Greka Drilling said 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 mobilised, the firm added. The drilling campaign is expected to last between 10 to 12 months.
Greka Drilling shares were trading up 3.1% at 12.50 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Greka Drilling