23rd Jan 2014 12:47
LONDON (Alliance News) - Greka Drilling Ltd Thursday said it drilled 12 wells totalling 15,152 metres in the fourth quarter ended December 31 2013, and said it has a strong backlog for the current financial year.
The specialised, unconventional oil-and-gas driller focused on China said it drilled a total of 24 wells in the second-half of the financial year ended December 31 2013, totalling 32,570 metres.
"The Company has received mobilisation orders for the 10 LiFaBriC well programmes for Green Dragon Gas Ltd in China and expects to receive similar instructions from other customers during the first quarter of 2014. The company also retains a healthy backlog and demand for wells with the existing customers, putting the company on a positive track for 2014," Chairman and Chief Executive Randeep Grewal said in a statement.
Greka said the total confirmed and contracted drillable wells for 2014 currently stands at 180 wells, with an estimated total value of USD97 million.
Shares in the company were down 6.3% at 13.00 pence per share Thursday early afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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