Greka Drilling Limited Contract Awards and Directorate Changes (3916U)
2017年10月24日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
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RNS Number : 3916U
Greka Drilling Limited
24 October 2017
24 October 2017
Greka Drilling Limited
("Greka Drilling" or the "Company")
Greka Drilling Secures Two New Contracts
Directorate Changes
Greka Drilling Limited (AIM: GDL), the largest independent and
specialized unconventional oil & gas driller in Asia, is
pleased to announce that the Company has been awarded two new
drilling contracts in China. The first contract is a turnkey
contract with Greka Guizhou E&P Ltd ("GGZ") and the other is a
contract with Bohai Drilling Engineering Company ("BDE"), a
subsidiary of CNPC (China National Petroleum Corporation).
-- The work scope under the US$4.9m turnkey GGZ contract
consists of site preparation, supply of all tangibles, services and
drilling needed to complete 12 wells. The programme consists of two
multi-well pads with 1 vertical and 5 directional wells to be
drilled on each pad to an average depth of 850 metres. Two of the
Company's GS130 rigs have been mobilized to commence the drilling
of the 12 wells, which are expected to be completed by year
end.
-- Under the BDE contract, the Company will be a subcontractor
to BDE who is the newly appointed principal drilling company for
drilling all horizontal wells for its parent company CNPC. BDE, a
predominant oil and gas drilling company, has contracted the
Company's advanced CBM purpose built GD75 rigs, equipment and
expertise to complete horizontal wells over two years with a
US$4.2m minimum commitment.
In addition, the Company announces that two of its non-executive
directors, David Turnbull and Richard Day, are stepping down from
its board with immediate effect. The Company's board now comprises
Randeep Grewal as Executive Chairman and two non-executive
directors, Bryan Smart and Sean Mulhearn.
Randeep S. Grewal, Chairman of Greka Drilling, commented:
"I am delighted with the signing of these two new contracts in
addition to the previous three contracts from CNPC, announced
earlier this year. In a strengthening China coal bed methane (CBM)
market, Greka Drilling with our advanced GD75 CBM specific rigs is
being seen by many operators as the drilling company of choice.
With the current contracts in hand we expect to be utilizing seven
rigs by year end in China. The signing of the strategic contract
with Bohai is a significant event which is expected to evolve into
a long-term relationship between the two companies and create many
opportunities for Greka Drilling as state-owned companies continue
to ramp up their CBM drilling projects.
"I would like to express my thanks and appreciation for the
contribution made by David and Richard to the Greka Drilling board,
whose reduced size reflects the Company's continued focus on costs
while, despite improving prospects, its activity levels remain
constrained by sector conditions."
For more information on Greka Drilling, please visit the
Company's website at www.grekadrilling.com or contact:
Smith & Williamson
Nominated Adviser and Broker
Azhic Basirov / David Jones +44 (0) 20 7131
/ Ben Jeynes 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
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