TIDMGDL
RNS Number : 6378W
Greka Drilling Limited
30 January 2013
30 January 2013
Greka Drilling Limited
("Greka Drilling" or the "Company")
2012 Operational Review
67% increase in meters drilled and 80% increase in wells
drilled
2012 OPERATIONAL HIGHLIGHTS
-- As announced on 11 December 2012, Greka Drilling signed a
contract with Petro-king Oilfield Technology Ltd. - to drill 100
wells for Sinopec which will commence immediately following the
Chinese New Year in the first quarter of 2013.
-- Signed contract with China National Petroleum Corporation's
Huabei Oilfield Company, for the Company's proven LiFaBriC drilling
services - as announced on 28 December 2012.
-- A total of 25 successful intersections completed with the
Company's own Rotating Magnet Ranging Systems ("RMRS").
-- 90 wells drilled in 2012 compared with 50 wells drilled in
2011, an increase of 80% year-on-year.
-- Use of air hammer and DHM compound drilling to shorten the
time from spud to well completion has been successful with reduced
time to completion proving the efficiencies of Greka's drilling
methodology. Accomplishments for the Company's client, Green Dragon
Gas Limited (AIM:GDG), during 2012 included:
o Fastest vertical well for 2012, was drilled by rig GD75-21 to
a total vertical depth ("TVD") of 785m and was completed, from spud
to completion, in 11 days (an average of 71m per day) versus 15
days in 2011 to drill well GSS-136, to a TVD of 753m (an average of
50m per day), an improvement in drilling efficiency of
approximately 42%.
o Fastest horizontal well for 2012, was drilled by GD75-20 to a
measured depth ("MD") of 2,653m and was completed from spud to
completion in a total of 32 days (an average of 83m per day) versus
30 days in 2011 to drill well GSS-5575-08L to a MD of 2,185m
(average 73m per day), an improvement in drilling efficiency of 14%
year-on-year.
o A total of 147,126m were drilled in 2012 compared with 88,224m
drilled during 2011, an increase of 67% year-on-year.
-- The maximum meters drilled in a LiFaBriC well was 5,454m in 2012 (5,297m in 2011).
-- The longest MD of a single LiFaBriC section, surface to
intersect, was 1,809m during 2012 (1,668m in 2011), an 8%
increase.
-- The longest TVD of a single vertical well was 1,414m in 2012 (1,233m in 2011).
-- Despite the addition of 25 newly acquired GD75 rigs in H1
2012, there was no reduction in overall drilling efficiency of the
Company's rig fleet. In fact, the Company experienced an 8%
improvement in meters drilled per rig during 2012 (6,703m per rig)
over 2011 (6,206m drilled per rig); however a lower utilization
rate of 44% in 2012 compares to 53% in 2011. This reduction
represents the impact of introducing new rigs and related
crews.
-- Completely replaced third party Directional Drilling
contractors with Greka's own crews in H2 2012, allowing the Company
to standardize its drilling practices. This change will also
facilitate the ease with which knowledge can be shared within the
Company and will allow Greka Drilling to continue to seek
improvements in operational efficiency.
-- Rig manufacturer Drillmec set up a warehouse in Greka
Drilling facility in GSS block, storing sufficient spare parts to
support rig operation.
-- Average number of rigs in 2012 was 28 versus 14 in 2011.
-- The total skilled employee headcount increased to 665 by the
end of December 2012, compared with 325 in 2011, an increase of
some 105% - demonstrating the growth trajectory of the Company.
-- A total of 106,581 man hours of internal training was
conducted in 2012 compared to 33,210 man hours in 2011.
-- Increased China based working capital facility to USD 12m by year end.
-- Paid off USD 12.5m working capital facility in full from
affiliate Green Dragon Gas Limited, further demonstrating the
Company's increasing independence.
Randeep Grewal, Chairman and Chief Executive of Greka Drilling,
commented:
"We are pleased with the operational achievements through 2012
yearend. The drilling teams continue to succeed in pushing their
accomplishments further and thus providing enhanced service
capability to the clients. We expect this trend to continue in the
years ahead.
The third party contracts awarded to Greka Drilling are
validation of the knowledge, technical expertise, efficiencies and
methodology accumulated over years of diligent work on the ground
and under it. Utilization rates in 2012 exhibited the planned ramp
up associated with the growth the Company set for itself and the
associated training of skilled personnel. As a Company we grew at
the fastest rate globally of any company known to us in our field
of operation. We are an established go-to party in the industry for
specialized drilling methods and we are known for pushing the
boundaries as a pioneer in unconventional resources.
The Year of the Snake, an apt name that doubles for the way we
drill, will see us capitalizing on the growth of unconventional
resource exploitation with our skilled manpower and drilling rigs,
which successfully doubled during the last year."
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
Jeffrey Auld / 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
MSCUKRBROOAAUAR
Greka Drilling (LSE:GDL)
過去 株価チャート
から 6 2024 まで 7 2024
Greka Drilling (LSE:GDL)
過去 株価チャート
から 7 2023 まで 7 2024