First of 25 Rigs Accepted on Schedule (2474J)
2011年6月28日 - 5:34PM
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RNS Number : 2474J
Greka Drilling Limited
28 June 2011
28 June 2011
Greka Drilling Limited
("Greka Drilling" or "the Company")
First of 25 Rigs Accepted on Schedule
Greka Drilling Limited (AIM:GDL), the largest independent and
specialised unconventional gas driller in China, announces the
acceptance of the first rig on schedule from its order of an
additional 25 specialised Coal Bed Methane ("CBM") drilling rigs.
Shipping is expected in the second week of July following some
minor specification enhancements that have been requested by
Greka's own engineers who are on site in Italy at the place of
manufacture.
The first rig is expected to be commissioned on site in China in
September this year, followed by the delivery of an additional 4
rigs every month from October until the initial order of 25 is
complete by March next year. This will increase the Greka Drilling
fleet from 7 to 32 rigs. The fleet itself will:
-- be largely dedicated to production drilling at Shizhuang
South (GSS) in Shanxi Province, China, through a recently awarded
contract from Green Dragon Gas (AIM:GDG) to drill in excess of 100
wells (vertical and horizontal) in the initial phase;
-- employ environmentally friendly SIS drilling methodology
which does not involve the wells being fractured. The biodegradable
drilling mud and lack of fracturing ensures no chemical intrusion
which allows our customers, including GDG, to produce clean water
during the desorption stage;
-- improve utilisation rates through improved drilling
methodology which reduces the size of the rig team from 6 people to
2 people per shift, as well as reducing the time taken to drill a
1.5km well from in excess of 70 days in the initial research and
development phase to 30 days;
-- be connected digitally to the Company's operational control
centre, thereby centrally locating the Company's senior engineering
staff in one location as further blocks are developed concurrently;
and
-- enable the Company to engage in lucrative third party
contracts with companies already producing unconventional gas in
China who are looking to Greka Drilling for the use of its
innovative drilling methodology.
The contract contains an option for an additional 125 rigs and
provides the flexibility to order larger capacity rigs at the
discretion of Greka Drilling.
Randeep Grewal, Chairman and Chief Executive of Greka Drilling,
commented:
"Greka Drilling is delighted that the first of 25 rigs has now
been accepted on schedule and, as an engineer, I look forward to
seeing this new technology being set to work in the field. The
Company is committed to its exponential growth strategy and these
new rigs enable us to increase our drilling capacity for
unconventional gas safely, quickly and in tandem with China's
demand as it moves from dependency on coal to gas. These rigs
represent a game changer in China both environmentally and
technically. As we demonstrate this paradigm shift in technology
and drilling efficiency, we will have the capacity to accept
contracts from additional customers beyond GDG. We have experienced
significant demand for our SIS drilling services and to capture
this opportunity, we are increasing levels of automation as well as
increasing headcount by over 1,000 in just nine months. We will
evaluate further expansion early in the first quarter of 2012
following our current exponential growth phase to support increased
market demand."
For further information on Greka Drilling and pictures of the
first new rig from this order, please refer to the Company's
website at www.grekadrilling.com or contact:
Stephen Hill, VP Corporate Communications
Greka Drilling Limited +852 3710 0108
Dr Azhic Basirov / David Jones
Nomad
Smith & Williamson +44 20 7131 4000
Tim Redfern / Anu Tayal
Broker
Evolution Securities +44 20 7071 4312
Paul Connolly / John Dwyer /
Steve Baldwin
Broker
Macquarie Capital (Europe) Limited +44 20 3037 2000
James Henderson / Nick Lambert
/ Rollo Crichton-Stuart
Investor relations
Pelham Bell Pottinger +44 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
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