Greka Drilling Limited Well Completion (6139C)
2013年4月18日 - 3:00PM
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TIDMGDL
RNS Number : 6139C
Greka Drilling Limited
18 April 2013
18 April 2013
Greka Drilling Limited
("Greka Drilling" or the "Company")
Completed LiFaBriC well for CNPC sets new records for Measured
Depth and True Vertical Depth
Greka Drilling Limited (AIM: GDL), the largest independent and
specialized unconventional oil & gas driller in China, is
pleased to announce that the first LiFaBriC well drilled under the
third party contract for China National Petroleum Corporation
(CNPC), the order for which was previously announced on 28(th)
December 2012, was successfully completed and accepted by CNPC. The
completion set new records for Measured Depth (MD) and True
Vertical Depth (TVD) of any LiFaBriC well drilled by the Company to
date.
CNPC had specified that the well was to remain in coal from the
landing point to the intersection with the vertical well and the
Company is pleased to announce that it exceeded the target set by
the customer for the number of meters in coal (lined) by 41 meters
or 5.5%. The vertical well took 29 days to complete. The lateral
section of the LiFaBriC well had a MD of 1917 meters (compared with
a previous record of 1801 meters) and a TVD of 1036 meters
(compared with a previous record of 755 meters). The well was
drilled in a new area for the Company which is defined as
exploration drilling, as compared with the production drilling the
Company is conducting for its first customer Green Dragon Gas Ltd
(AIM: GDG). The exploration drilling took 88 days from spud to
completion, slightly better than previous Company guidance of 90
days for completing a LiFaBriC exploration well.
Randeep Grewal, Chairman and Chief Executive of Greka Drilling,
commented:
"Successfully executing third party contracts is validation of
the drilling fleet's capability and the knowledge of the geologists
and engineers present in the Company. Importantly, this well was
drilled in a new terrain, albeit in the Qinshui Basin. The remote
access afforded by the SCADA systems installed on the rigs allowed
for the trained Chinese workforce to execute the drilling, overseen
by experienced supervision, from a location some 150 km away in
Zhengzhou. The Company's business model is highly scalable, leading
to the ability to secure a growing number of third party contracts.
The topography at the CNPC location was flatter than at Green
Dragon Gas's Shizhuang South block, the coal deeper and the
subsurface geology similarly faulted. The sheer size of the block,
drilled to date only by traditional oil drilling rigs capable of
drilling vertical wells that are later fracked, illustrates the
vast opportunity that these 3(rd) party contracts represent for
Greka Drilling's business. We look forward to our customer
evaluating the higher gas production potential with our
environmentally progressive LiFaBriC wells compared to the
traditional vertical and fracked ones. We continue to actively
discuss further drilling assignments with CNPC."
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
Smith & Williamson +44 20 7131 4000
Jeffrey Auld / 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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