9th Oct 2014 07:41
LONDON (Alliance News) - Greka Drilling Ltd Thursday saw its shares jump more than 12% after announcing that its first well of the drilling campaign on the Raniganj East Block in West Bengal, India, has been spud.
The oil & gas driller in China said the well, which was part of a drilling campaign for Essar Oil Ltd, was spud by the GD75-17 rig which is currently drilling at a depth of 435 metres.
The company agreed a USD65 million contract to drill 100 wells for Essar Oil Ltd, part of Essar Energy PLC, earlier in the year.
"The contract itself is important to Greka Drilling as it cements our intention to diversify the company's client base and geographical spread into India, in addition to China," said Chairman and Chief Executive Randeep Grewal in a statement.
The company said the drilling campaign on the contract is expected to last 12 months.
Greka Drilling shares were trading at 10.00 pence Thursday morning, up 12%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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