Greka Drilling Limited China Drilling Order (6554X)
2014年1月15日 - 4:00PM
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RNS Number : 6554X
Greka Drilling Limited
15 January 2014
15 January 2014
Greka Drilling Limited
("Greka Drilling" or "the Company")
China Drilling Order
Greka Drilling Limited (AIM: GDL), the largest independent and
specialized unconventional oil & gas driller in Asia, is
pleased to announce that its customer Green Dragon Gas Ltd, as part
of its overall plan to drill 150 LiFaBriC wells in 2014, has made
an initial order for Greka Drilling to drill the first 10 LifaBriC
wells of the program.
The estimated value of the order is approximately US$15 million
and will involve 5 rigs being mobilized in February 2014, after the
Chinese New Year. The timing of the order is welcome as the first
quarter is traditionally slow for drilling operations in the region
as a result of adverse weather conditions.
LiFaBriC is an adaptation of the horizontal drilling methods
traditionally used for drilling in coal seam reservoirs and is
designed to provide a precise and high quality well completion
technique. Through rigorous pre-engineering of each well, engineers
are able to use geo-steering techniques to gain a far greater
surface area exposure to the coal seam, optimize exposure to
natural cleating, penetrate permeability barriers and reduce
overall time, risks and costs associated with traditional reservoir
stimulation methods.
Randeep S. Grewal, Chairman and CEO of Greka Drilling,
commented:
"We expected to conclude 2013 with a significant backlog going
into 2014 and indeed we do. While the first quarter will be
predominately a ramping up period, the quarters following should be
robust. Two customers confirmed so far for 2014, could demand up to
250 wells drilled while we expect to conclude additional
incremental orders with our other Chinese clients.
This contract is a great start to 2014 for Greka Drilling.
Confirmation of this, along with the announcement of Greka
Drilling's entry into India, highlights how important the next 12
months will be for the business and for all of our
stakeholders.
The efficiencies and scale of our existing rig fleet enable us
to deliver on all the planned workload at this time. Additionally,
we are able to service more than one contract and geography at a
time and we look forward to regularly updating our shareholders on
a consistent basis in 2014."
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
James Henderson / Rollo Crichton-Stuart
Investor Relations
Bell Pottinger +44 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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