Greka Drilling Limited Operational update/Interim results date (9830K)
2012年8月29日 - 6:00PM
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Greka Drilling Limited
29 August 2012
29 August 2012
Greka Drilling Limited
("Greka Drilling" or "the Company")
Operational Highlights - 119% increase in Meters Drilled
year-on-year
Interim Results to be announced on 3 September 2012
Greka Drilling Limited (AIM: GDL), the largest independent and
specialised unconventional gas driller in China, is pleased to
announce that its interim results will be released on 3 September
2012.
OPERATIONAL HIGHLIGHTS
-- 57,997 meters drilled in H1 2012 compared with 26,435 meters
drilled in the same period last year, an increase of 119%
year-on-year
-- LiFaBriC wells averaged 3,897 total meters in H1 2012
compared with 3,691 total meters during the same period
year-on-year (H1 2011), a 6% increase
-- The longest LiFaBriC lateral section was 5,454 meters in H1
2012 (5,297 meters in H1 2011), a 3% increase
-- The longest measured depth ("MD") of a single LiFaBriC
section, surface to intersect, was 1,809 meters in H1 2012 (1,668
meters in H1 2011), an 8% increase
-- The longest total vertical depth ("TVD") of a single vertical
well was 1,414 meters in H1 2012 (1,233 meters in H1 2011), a 15%
increase
CORPORATE HIGHLIGHTS
-- All new rigs have now arrived at our Shanxi Base Camp as
planned , increasing the fleet from 7 rigs to 32 rigs, with ISO
9001 certification on all 25 new GD75 rigs being attained
-- The Company has completed the commissioning and integration
of what is currently the single largest fleet of Electromagnetic
MWD (Measurement While Drilling) tools available within the
People's Republic of China ("PRC")
-- The first of the new fleet of rigs was fitted with equipment
that allowed the rig to be monitored remotely via the Supervised
Control and Data Acquisition system (SCADA) from a centralized
Zhengzhou control facility. This control system will be added to
all the other rigs in the fleet
-- Company personnel increased to 715 at end of H1 2012 versus
520 in December 2011 (325 at end of H1 2011), a 38 % increase
-- 639 personnel received internal training for a total of 73,684 man hours in H1 2012
-- In line with improving overall efficiency and reacting to
operational events, the Operational Control Centre ("OCC") saw the
creation of positions for both Well Planning/Modeling and
Production Planning Engineers. These positions give a 24/7 coverage
of our operations, providing decisions into the field within 1-2
hours from up to 8 hours historically
-- Construction of the Shanxi Base Camp was completed in H1 2012
with a total on-site resident headcount of over 450 personnel. The
Company website provides photographs of the site which is the first
of its kind in China
The Company is pleased to report that the first phase of the rig
fleet expansion plan is now complete. The first phase involved
design, construct and commission of a rig fleet of 25 rigs. These
rigs, purpose built for unconventional gas development, were
co-designed with the manufacturer, made in China and the first of
its kind imported in to China being successfully commissioned. This
entire business plan was conceived and executed within a year, an
important milestone.
The Company, which prides itself in technological firsts,
believes it has one of the largest directional drilling teams in
China of any independent driller. In coping with the geological
difficulties that exist in unconventional gas production, the
Company looks forward to providing third parties with the necessary
skill sets to optimise drilling and will update the market as and
when appropriate.
Today the Company is able to drill at greater depths and
geo-steer more precisely with increased well lengths to over 1,800
meters. In addition to this, the Company is now drilling vertical
wells targeting unconventional gas reservoirs at depths of over
1,400 meters.
Randeep Grewal, Chairman and Chief Executive of Greka Drilling,
commented:
"I am delighted to report that we have grown the business on
time and within plan. In this half year we have completed our first
phase of rig fleet growth by adding the 25 specialized rigs in
which we were instrumental in their configuration and design. We
have significantly increased senior management capability from
multiple disciplines both within China and from the wider region
with skills specific to the drilling services industry. We have
enhanced the day-to-day operating structure of the Company and
introduced technology that allows the business to reap the benefits
of scale. While we have had several clients engage us with an
interest in our capabilities, we have so far been focused on
getting the fleet and personnel induction phase completed to make
sure we are prepared for the next phase of our continued growth. We
are now prepared to accept third party contracts and increase the
clientele of the business."
For further information on Greka Drilling, please refer to the
website at www.grekadrilling.com or contact:
Stephen Hill, VP Corporate Communications
Greka Drilling Limited +852 3710 0108
Dr Azhic Basirov / David Jones
Nomad & Broker
Smith & Williamson +44 20 7131 4000
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
END
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