Greka Drilling Limited Operations Update (7184M)
2013年8月29日 - 3:03PM
RNSを含む英国規制内ニュース (英語)
TIDMGDL
RNS Number : 7184M
Greka Drilling Limited
29 August 2013
29 August 2013
Greka Drilling Limited
("Greka Drilling" or the "Company")
Operational Update - Five Customers under Contract
Greka Drilling Limited (AIM: GDL), the largest independent and
specialised unconventional oil & gas driller in Asia, is
pleased to provide an update on rig movements and customers.
Currently the Company is contracted by five counterparties, namely
CNPC Huabei Changzhi, CNPC Huabei Jincheng, Sinopec Huadong CBM
(BOFA), Sinopec Huabei Unconventional Oil (Petroking) and Green
Dragon Gas (AIM:GDG).
-- CNPC Huabei Changzhi (CBM) plans to drill 300 wells in its
Anze Block, Shanxi Province. A total of 110 are targeted for this
year. As part of this program, the Company has completed two
directional wells to date. In addition, an exploration well will be
drilled by rig GD75-21 and a horizontal well will be drilled by rig
GD75-25. Following the results of these two wells, the Company
expects to be awarded additional wells by CNPC Huabei Changzhi as
part of their total 70 well program for this year.
-- CNPC Huabei Jincheng (CBM) has contracted the Company to
drill at its Jincheng Block, Shanxi Province in two locations. The
Company successfully completed a LiFaBriC well earlier in the year
which is currently on production and being evaluated. Presently,
the Company is drilling a four directional well program using
GD75-23, of which the second directional is currently being
drilled.
-- Sinopec Huadong CBM (BOFA) contracted the Company for a one
year program to drill 50 wells at Jixian, Shanxi Province. Sinopec
Huadong CBM has a 3,000 well program with 600 wells in total
planned for this year. Rig GD75-22, supported by GS685-2, has
completed three wells to date and the fourth is currently being
drilled. During these test wells, the Company's performance
continued to improve. The TVD for the third well was 1,214.1 m and
the MD was 1,291.7 m. This was achieved in 10 days from spud to
completion and compares favourably with 19 days for the first well,
which had a TVD of 1,225.2 m and MD 1,341.0 m. The Company expects
to continue the drilling program and subject to agreement with the
client on drilling locations and number of wells, drill the balance
of the one year program as planned.
-- Sinopec Huabei (Petroking) has planned a 50 well program
during the current exploration phase for unconventional oil within
the Xunyi Block, Shaanxi. The Company is under contract to drill
100 wells subject to the successful drilling of the first 20 wells
across the Sinopec Huabei acreage inclusive of the Xunyi Block. The
Company's GD75-12 and GD75-14 rigs are currently drilling under
this program. Rig GD75-14 has completed one directional well and is
currently drilling the second directional well of a seven well
program. Additionally, GD75-12 spud the first horizontal well on 1
August 2013 which is currently being drilled in co-operation with
Sinopec engineers.
-- Green Dragon Gas, historically the Company's largest client,
reduced its drilling program in the first half of the year pending
the favourable conclusion of its title issues. This resulted in
only 24 wells being drilled in the first half of the year. As its
title issues have been resolved, the Company expects Green Dragon
Gas' drilling program to resume in the second half of the year.
Randeep Grewal, Chairman and Chief Executive of Greka Drilling,
commented:
"Our objective of diversifying the client base is being well
executed with current drilling activities progressing under five
different customer contracts. Importantly, each of our drilling
teams for their respective customers is delivering successfully
drilled wells on or better than budget. Within this diverse
customer base, we are drilling CBM vertical, directional,
horizontal and LiFaBriC wells as well as directional and horizontal
wells in Shale Oil. Client penetration and drilling success in
multiple geological formations demonstrates the vast market
available to Greka Drilling.
Notwithstanding the positive transition to a diverse client
base, our historically predominant client curtailed its drilling
program which will negatively impact our first half results. Whilst
the success achieved in diversifying away from a single client has
been a success, the time taken to fully capitalise on the increased
customer base will not be able to offset the effects of losses from
the drilling campaign from the first customer.
On a positive note, each of our five clients are satisfied
customers with robust drilling backlogs and are in discussions with
us to commit rigs in their respective drilling campaigns. I expect
we will conclude this year with a well diversified customer base
and a healthy backlog for 2014.
The Company's clean environmental footprint makes us ideally
suited to take advantage of the concerns surrounding pollution
through fracking and importantly, the financial need to
significantly improve well life and the associated returns for
CBM.
We intend to expand our geographical operations from China into
India this year and capitalize on the vast drilling demands within
unconventional gas and oil which includes CBM and Shale. We
continue to talk to customers in China, in Asia as a whole and have
recently had discussions with companies in the UK. I hope to be
able to update shareholders shortly on India."
For further information on Greka Drilling, please refer to the
website at www.grekadrilling.com or contact:
Stephen Hill, VP Corporate Communications
Greka Drilling +852 3710 0108
Dr Azhic Basirov / David Jones
Nomad
Smith & Williamson +44 20 7131 4000
Steve Baldwin / Nicholas Harland
Broker
Macquarie Capital (Europe) +44 20 3037 2000
Tan Jeh Wuan
Financial Adviser
DBS Bank - Singapore +65 6878 5353
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
MSCEKLBLXVFZBBX
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