Greka Drilling Limited Greka Declared Winner of ONGC Contract (7297B)
2017年4月6日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMGDL
RNS Number : 7297B
Greka Drilling Limited
06 April 2017
6 April 2017
Greka Drilling Limited
("Greka Drilling" or the "Company")
Greka declared winner of ONGC Contract
Greka Drilling Limited (AIM: GDL), the largest independent and
specialized unconventional oil & gas driller in Asia, is
delighted to announce that it has been declared the winner, subject
to contract, of a three year integrated drilling contract by Oil
and Natural Gas Corporation Limited ("ONGC ") for ONGC's Bokaro CBM
asset (the "Contract") in India.
ONGC, the Indian Government owned company, is the largest
exploration & production ("E&P") company in India and is
engaged across the E&P and refining businesses. ONGC also has
extensive joint-ventures globally.
Greka Drilling was among 17 bidders that submitted their bids
for the Contract including both domestic Indian drilling
contractors and global drilling contractors.
The Company has been informed by ONGC that it is the winning 'L1
bidder' of the Contract.
ONGC is now completing its internal procedures before issuing a
letter of intent ("LOI") to the Company. The LOI, which is expected
to be issued during April 2017, is expected to provide, subject to
contract, for the drilling of 73 wells over the next three years.
Under the Contract, the Company will deploy one of its purpose
built efficient semi-automated GD75 rigs based in India. The
project will entail the provision of drilling and mud services
along with the provision of associated equipment and is estimated
to generate revenues of a total of US$15 million over the three
year period. Following receipt of the LOI, mobilization of the GD75
rig is expected within 90 days.
Randeep S. Grewal, Chairman & CEO of Greka Drilling,
commented:
"I am very pleased to announce this significant milestone in our
business development in India. While the Company has already
demonstrated its expertise in India for its existing client, Essar
Oil Limited, the winning of the ONGC tender against 16 other well
established drilling contractors is a confirmation of Greka
Drilling's mastery within the coal bed methane ("CBM") niche. As a
global leader with over 20 years of experience in CBM drilling, we
look forward to continuing our track record in supporting ONGC in
its development of the Bokaro asset.
Greka Drilling is also in advanced talks with other oil and gas
operators in India to mobilize additional rigs in the country
during 2017. The Indian Government's progressive plan to develop
domestic CBM gas resources was demonstrated in March this year when
it approved market pricing freedom for all CBM produced and sold in
India. This very long awaited policy has been a catalyst to the
robust reaction from operators which are aggressively moving
forward with their previously shelved drilling plans. In view of
this CBM gas pricing reform, we are bullish on the prospect of
increasingly providing our specialized drilling services within the
niche CBM sector in India.
The Company has succeeded in executing a balanced business plan
in two of the largest CBM markets - China and India. Following the
award of the Contract, Greka Drilling will be under contract with
State-owned companies in both China (CNPC) and India (ONGC) as well
as with the largest domestic CBM developers Green Dragon Gas and
Essar respectively.
Notwithstanding the slowdown in the drilling services market,
the diversification of the Company's clients and geography gives
the Company a well-balanced business plan for the long-term."
For further information on Greka Drilling, please refer to the
Company's website at www.grekadrilling.com or contact:
Sarah Lowther
Media Relations +44 (0)20 7016
Greka Drilling 9829
Dr Azhic Basirov / David Jones
/ Ben Jeynes
Nominated Adviser and Broker +44 (0)20 7131
Smith & Williamson 4000
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTBRGDSBGGBGRU
(END) Dow Jones Newswires
April 06, 2017 02:00 ET (06:00 GMT)
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