Greka Drilling Share Discussion Threads

[glennborthwick] 06/4/2017 09:19

steady 5p will do me

[jamesd888] 06/4/2017 09:17

Awesome contract....expect we will be well above 10p today....this was 60p back in 2012 and rose 30p in one day so expect a massive rise today

[glennborthwick] 06/4/2017 09:07

taking a look at these. Obviously a decent rns this morning. Looks like a a decent recovery share

[jjtindall] 06/4/2017 08:36

About time!

[coxsmn] 06/4/2017 08:17

Great, new contract win.

[srpactive] 28/3/2017 08:37

This was our last rns, it certainly proves we are
in the right place, and ties in nicely with Indian
Government article.

Should have news soon.

dyor

========================

TIDMGDL

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

END

[srpactive] 26/3/2017 18:48

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi to day gave its approval for marketing and pricing freedom to the Coal Bed Methane (CBM) Contractors to sell the CBM at Arm’s Length Price in the domestic market. While discovering the market price for Arms Length Sales, the Contractor has to ensure a fully transparent and competitive process for sale of CBM with the objective that the best possible price is realized for the gas without any restrictive commercial practices.

CBM contractors have also been permitted to sell the CBM to its any affiliate, in the event contractor cannot identify any buyer. Royalty and other dues to the Government, however, shall be payable on the basis of Petroleum Planning & Analysis Cell (PPAC) notified prices or selling prices, whichever is higher.

The policy is expected to incentivize the CBM operation in the country to boost gas production and will generate economic activities which in turn will be beneficial for creating more employment opportunities in CBM operations and related activities.

[srpactive] 26/3/2017 18:43

Maybe that is why they released the 50 drill success rns
to inform all decision makers that they are very experienced.

Reading the article again, I feel this is very good news
potentially for gdl.

dyor

[coxsmn] 26/3/2017 09:02

It does bode well, GDL likely to be in pole position for new CBM drilling projects. The 50 success drill wells underpins their competence in this field.

[srpactive] 25/3/2017 21:01

Yes, I saw that, bodes well does it not?

[coxsmn] 25/3/2017 19:39

https://energyinfrapost.com/cabinet-approves-policy-early-monetization-coal-bed-methane-gas-marketing-pricing-freedom-cbm-gas/

[srpactive] 16/3/2017 16:42

A good close.

[srpactive] 16/3/2017 15:08

A close above 3.23p would be excellent, based on what
the ceo said in his last interview, new contracts start in April
so announcement very soon of what we have been awarded.

dyor

[srpactive] 16/3/2017 11:22

Bought a few more earlier.

dyor

[badger60] 09/3/2017 13:05

What happened?

[coxsmn] 03/3/2017 19:54

Also from energy voice,

"We look forward to developing CBM resources across India by offering services to the market-leading oil and gas operators in the coming months."

[srpactive] 03/3/2017 09:18

coxsmn

Thank you, the ceo seems very positive indeed,
would be nice to get an update in March / April
of Essar's drilling programme.

dyor

regards

active

[badger60] 03/3/2017 08:41

How about a momentous price rise then?

[coxsmn] 03/3/2017 06:39

Proactive Investor interview of Greka Drilling:

://www.proactiveinvestors.co.uk/companies/stocktube/7003/completion-of-50-wells-a-momentous-occasion-says-greka-drilling-s-ceo-randeep-grewal-7003.html

[srpactive] 18/2/2017 16:03

c

Initially 5p with momentum.

dyor

regards

active

[coxsmn] 18/2/2017 12:30

srpactive, Do you have any price targets for GDL? i would expect any new contract announcements could quickly drive the share price up from these depressed levels.Kind regards,coxsmn

[srpactive] 08/2/2017 08:07

Bid 3.7 offer 4.03, mid 3.86p.

Tried to buy more this morning, no joy mm's have no stock.

Edit: Flag forming nicely on the chart now, hopefully a
move higher very soon.

dyor

regards

active