Greka Drilling Limited 50th Well Completed in India (0226Y)

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RNS Number : 0226Y

Greka Drilling Limited

28 February 2017

28 February 2017

Greka Drilling Limited

("Greka Drilling" or the "Company")

50(th) Well Completed in India

Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional oil & gas driller in Asia, is delighted to announce that it has completed the drilling of its 50(th) Coal Bed Methane ("CBM") well for Essar Oil Limited ("Essar") in the Raniganj block, West Bengal with a total of 59,898 meters drilled.

Under the current contract awarded by Essar at the beginning of 2016, Greka has successfully drilled 33 directional wells and 1 vertical well. The first GD-75 rig spudded its first well in May 2016 followed by the second GD-75 rig which spudded its first well in June 2016. These wells, combined with the 16 wells drilled by Greka in its previous campaign, take the tally to the 50 well milestone achieved with zero Lost Time Injuries/Accidents, demonstrating the Company's commitment to making the workplace safer.

Over the last nine months the Company has drilled 39,724 meters with continuous drilling on-going assisting Essar's drilling needs in the Raniganj block. Essar continues to be the largest producer of CBM in India and Greka Drilling the largest CBM driller.

Randeep S. Grewal, Chairman & CEO of Greka Drilling, commented:

"The completion of our 50(th) well in India for Essar, and drilling close to 60,000 meters, is a momentous occasion for Greka Drilling which has reaffirmed its position as a market leader in Coal Bed Methane drilling. We look forward to developing CBM resources across India by offering services to the market-leading oil and gas operators in the coming months. Development of unconventional gas resources has become an important value proposition for operators pursuing alternatives to oil, as they strive to provide energy security to a fast developing country like India."

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

 
Sarah Lowther 
 Media Relations                 [phone] 
 Greka Drilling                       9829 
 
Dr Azhic Basirov / David Jones 
 / Ben Jeynes 
 Nominated Adviser               [phone] 
 Smith & Williamson                        4000 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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February 28, 2017 02:02 ET (07:02 GMT)