Greka Drilling Limited New Contract Wins (0952O)
16 August 2017 - 4:00PM
UK Regulatory
TIDMGDL
RNS Number : 0952O
Greka Drilling Limited
16 August 2017
16 August, 2017
Greka Drilling Limited
("Greka Drilling" or the "Company")
Greka Drilling Awarded Two New Contracts from PetroChina
CNPC
Greka Drilling Limited (AIM: GDL), the largest independent and
specialized unconventional oil & gas driller in Asia, is
delighted to announce that the Company has been awarded two new
drilling contracts with PetroChina Huabei Oilfield Limited
("PetroChina", a subsidiary of CNPC) in addition to the one
currently in progress. These two drilling contracts are to be
deployed in PetroChina's CBM (coal bed methane) Blocks - Fanzhuang
and Anze - within Shanxi Province and are estimated to have an
aggregate value of at least US$2m.
v The contract for the Fanzhuang Block is for one year with a
scope of 16 wells consisting of vertical/directional production
wells as well as exploration wells. The drilling is planned to
start by month end, following the completion of the 6 horizontal
wells from the previous contract.
v The contract for the Anze Block is for two years with a scope
of at least 10 directional wells to be drilled on two multi well
pads.
In the previously-announced contract consisting of 5 horizontal
wells for PetroChina in the Fanzhuang Block, as planned the first
well was spud in February 2017 and four horizontal wells have been
successfully completed. The client has increased the well count by
an extra horizontal well, for a total of 6 horizontal wells under
this contract. A second rig has been mobilized to this block to
drill the additional well. The 5th and 6th wells are currently
being drilled and expected to be completed this month.
Mr. Randeep S. Grewal, Chairman of Greka Drilling,
commented:
"We are very pleased with the repeat contracts from China's
flagship energy company - PetroChina CNPC. The repeat nature of the
contracts is confirmation of our drilling proficiency and technical
capability. Among the significant number of state-owned drilling
companies, Greka stands out as the only independent foreign
drilling contractor sustainably providing services within the CBM
sector in China to the majors.
These contracts further confirm that the service sector in China
has turned the corner following three years of stagnation. The
government's steadfast support for the development of the CBM
resources is the catalyst to enable the revitalization of the
sector of which Greka Drilling stands to be a natural
beneficiary."
For further information on Greka
Drilling, please refer to the
Company's website at www.grekadrilling.com
or contact:
Dr Azhic Basirov / David Jones
/ Ben Jeynes
Nominated Adviser +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
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