Greka Drilling Limited Indian Drilling Contract (5668V)

TIDMGDL

RNS Number : 5668V

Greka Drilling Limited

16 December 2013

Greka Drilling Limited

("Greka Drilling" or the "Company")

100 WELL DRILLING CONTRACT IN INDIA

Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional oil & gas driller in Asia, is pleased to announce that it has signed a contract with Essar Oil Limited ("Essar") (the "Contract") a listed Indian company. The Company is to provide turnkey and allied services to Essar in India, and is contracted to drill 100 wells with the Contract value estimated at around US$ 65 million. The Contract is expected to be completed by the end of 2014.

The Company plans to relocate 5 GD75 rigs from its current fleet in China to meet the client's desire to expeditiously start their drilling program. The current program is to drill a combination of vertical, directional and LiFaBriC wells at the client's election. Drilling operations are expected to start in the second quarter of 2014 subject to various pre-mobilization requirements being completed with the client prior to yearend. This continuous drilling program is to be implemented in Essar's Raniganj block in West Bengal, Block RG (East).

The deployment of these rigs will not affect ongoing drilling campaigns for customers in China during 2014.

Mr. Randeep S. Grewal, Chairman and CEO of Greka Drilling, commented;

"This is yet another milestone completed within the envisioned timeline for Greka Drilling. The Company has a clear objective of diversifying its client base, geographical operations and drilling completions. This Contract achieves all such objectives.

We look forward to adding value to Essar's objectives in producing significant commercial volumes of coal bed methane from its large acreage position in the Raniganj block.

Our successful track record to date in China and fifteen years of specialized CBM knowledge enabled us to achieve a rapid understanding of the strata we expect to be drilling under this contract. We provide our clients with the very best technology and methodology available in the industry and are confident that our rigs, skilled personnel and management will provide the same safe, environmentally progressive and efficient drilling operations for Essar in India as we do for a number of our clients in China."

For further information on Essar Oil Limited, please refer to the website at www.essar.com.

For further information on Greka Drilling, please refer to the website at www.grekadrilling.com or contact:

 
 Stephen Hill, Corporate Communications 
  Greka Drilling                              +852 3710 0108 
 Dr Azhic Basirov / David Jones 
  Nominated Adviser 
  Smith & Williamson                        +44 20 7131 4000 
 Steve Baldwin / Nicholas Harland 
  Broker 
  Macquarie Capital (Europe)                +44 20 3037 2000 
 
 James Henderson / 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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