Greka Drilling Limited Operations Update (5877Q)

TIDMGDL

RNS Number : 5877Q

Greka Drilling Limited

16 October 2013

Greka Drilling Limited

("Greka Drilling" or the "Company")

Operations Update

Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional oil & gas driller in Asia, is pleased to provide an operations update to 30 September 2013.

OPERATIONAL HIGHLIGHTS

   --      Drilling operations continue on Green Dragon Gas's Shizhuang South (GSS) licence as planned 
   --      13 wells drilled in Q3 2013, 26 wells drilled in H1 2013 
   --      13,412 metres drilled in Q3 2013, 36,347 metres drilled in H1 2013 
   --      Vertical wells averaging  12.2 drilling days ( 29.1 days in the same period in 2012)

-- A Horizontal well took 48.4 drilling days in Q3 2013 (84.2 days in the same period in 2012)

-- Directional wells averaging 24 drilling days (no directional wells drilled in the same period in 2012)

Randeep Grewal, Chairman and Chief Executive of Greka Drilling, commented:

"Green Dragon Gas has reconfirmed its commitment to use Greka Drilling to implement its drilling program. During the quarter under review, wells drilled for Green Dragon Gas included a number of lateral intersections into exiting standalone vertical wells. Green Dragon Gas is now reviewing its 2014 drilling program to reflect the recent announcement of significant drilling activity at its production block, Shizhuang South (GSS). This does not significantly affect the planned level of activity in the final quarter of 2013.

We continue to perform ahead of technical expectations with our other Chinese customers that include CNPC Huabei Anze, CNPC Huabei Jincheng, Sinopec CBM (BOFA) and Sinopec Unconventional Oil (Petroking), and expect to be able to provide an update on these contracts by the end of this quarter. The Company continues to receive new enquiries from Chinese customers.

Negotiations continue to launch the expansion into India which we hope to conclude within this quarter."

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

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