9th Oct 2014 07:00
9 October 2014
Greka Drilling Limited
("Greka Drilling" or the "Company")
First Well Spud in India
Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional oil & gas driller in China, is pleased to announce that the first well of the drilling campaign, for Essar Oil Ltd. ("Essar Oil"), on the Raniganj East Block in West Bengal has been spud.
The well was spud by the GD75-17 rig which is currently drilling at a depth of 435m. The drilling continues.
The drilling campaign on this USD 65m contract is expected to last approximately 12 months.
Randeep S. Grewal, Chairman and Chief Executive of Greka Drilling, commented:
"Following the announcement of the contract with Essar Oil, we are delighted to announce that this spud initiates a continuous one year drilling program for five GD75 rigs on location which are dedicated to complete this work program over a twelve month period.
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."
For further information on Greka Drilling, please refer to the website at www.grekadrilling.com or contact:
RolloCrichton-Stuart/Jimmy Lea Investor Relations Bell Pottinger
| +44 203 772 2589 | |
DrAzhic Basirov/David Jones /Ben Jeynes Nominated Adviser Smith & Williamson
| +44 20 7131 4000 | |
Chris Hardie Broker Arden Partners | +44 20 76 14 5900
| |
Mark Taylor Broker Charles Stanley Securities
| +44 20 7149 6000 | |
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