5th Jan 2016 14:39
LONDON (Alliance News) - Greka Drilling Ltd noted the sharp fall in its share price on Tuesday but said it is not aware of any reason for the movement.
Greka shares were trading down 27% on Tuesday afternoon at 4.00 pence per share.
Greka, which specialises in drilling unconventional gas prospects in China, said it will publish a full operations update in February.
In the first six months of 2015, the company reported a pretax loss of USD626,000 compared to USD787,000 loss a year earlier despite revenue remaining broadly flat at USD2.7 million. Chairman Randeep Grewal said he was "quite pleased" with the results and was confident on the expansion of the company's client base.
London-listed Green Dragon Gas Ltd uses LiFaBriC wells, which are wells drilled using a technique developed by Greka Drilling that has adapted the horizontal drilling methods traditionally used for drilling in coal seam reservoirs and is designed to provide a precise and high-quality completions' technique. It was designed specifically for Chinese geology.
By Joshua Warner; [email protected]; @JoshAlliance
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