12th Aug 2014 09:05
LONDON (Alliance News) - Greka Drilling Ltd Tuesday said the five GD75 rigs set to be used for its drilling contract with Essar Oil have now arrived at the East Coast Haldia Port in India on schedule, with preparations now underway to bring the rigs to the Durgapur site this month.
The first wells at Durgapur are due to be spudded in September 2014, with the drilling campaign at the site set to last 12 months. Greka said the infrastructure needed to support the drilling is in place and the training of its local drill teams is nearing completion.
Greka said it had won the USD65 million contract from Essar Oil, the owner of FTSE 250-listed Essar Energy PLC, back in May.
"Following the announcement of this important contract win with Essar Oil, we are delighted to announce that the rigs are now in country and that the training of the crews is nearing completion allowing us to start drilling in line with the customer's timing schedule," said Greka Chairman Randeep Grewal.
Greka shares were up 7.5% to 10.75 pence on the back of the news, putting it among AIM's top ten risers.
By Sam Unsted; [email protected]; @SamUAtAlliance
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