Greka Drilling Share Discussion Threads

[jamesd888] 08/5/2017 12:03

All buys today

[jamesd888] 04/5/2017 15:27

GDL have completed 50 with Essar at the Raniganj block...can we expect some more here at the same block or different blocks with Essar...normally May is a good month as last year the contract was for 1 year to May...so could hear about a few more planned with Essar in the coming weeks...what do you think spractive?

[jamesd888] 04/5/2017 15:06

5 yrs ago this was 30p....so today prices at 3p....seems prime for a multi-bagger with Indian government pushing and investing heavily in 2017 for CBM....looking forward to more contracts this year

[jamesd888] 04/5/2017 15:00

Agree Srpactive

[jamesd888] 04/5/2017 14:58

Srpactive...i have some double bag for me in the last week in my portfolio..PSL, INSP which has been absolutely great. I am now out of these stocks now and expect GDL will me a multi bagger this year....hopefully the luck with roll with this too and you can double or multi-bag with this one.

[jamesd888] 04/5/2017 14:47

Maybe they are finalising contract details..thus the slight delay in RNS in April and will now come in May

[jamesd888] 04/5/2017 14:45

THIS WAS RNS ON 6TH APRIL....SAID LOI is expected to be issued in April...So shouldn't be long now to confirm 73 wells


06/04/2017 7:00am
UK Regulatory (RNS & others)

Greka Drilling (LSE:GDL)
Historical Stock Chart
1 Month : From Apr 2017 to May 2017

Click Here for more Greka Drilling Charts.
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 [phone]
Greka Drilling 9829

Dr Azhic Basirov / David Jones
/ Ben Jeynes
Nominated Adviser and Broker [phone]
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

[jamesd888] 04/5/2017 14:38

Once we get the letter of intent...Which should be any day now... i expect RNS will be released with GREKA DRILLING RIGS ON ITS WAY TO ONGC

[srpactive] 04/5/2017 14:23

Agree, we need the company to confirm the latest
contract win with loi.

[jamesd888] 04/5/2017 14:19

The key to investing is buy when low...now is the perfect time.

[jamesd888] 04/5/2017 14:18

“PetroChina is also expected to commence a 100 cluster wells drilling project in Anze Block in 2017, which represents a significant further opportunity for us. This contract win news would massively send this share to 10p+

[jamesd888] 04/5/2017 12:13

technical analyst Zak Mir reckons they’re on track to hit 7p over the next couple of months.

You can see that there’s been a decent basing for the stock over the last year and a half towards the 2p zone…breaking back above the 50 and 200-day moving averages with the latest announcement,” explains Mir in the latest Proactive Investors Bulletin Board segment.

“The best case scenario target over the next couple of months as high as 7p towards the 2015 resistance line projection, especially while we hold above the 200-day line at 3p.”

[jamesd888] 03/5/2017 17:13

Not long to wait for Letter of intent...so expect an RNS relatively soon.

[jamesd888] 03/5/2017 17:11

New contract would give this a boost in share price

[srpactive] 03/5/2017 07:42

yf23_1

Fair point but not to the chartists, not that
I claim to be one. If or when we get a loi the
share price should improve, dyor.

[yf23_1] 02/5/2017 17:48

Well, results went down like a ton of bricks.

BTW TA is meaningless on a share with littleor no volume and a huge spread.
DYOR

[srpactive] 02/5/2017 12:53

Strange how a few thousand pounds worth of sales,
can reduce a companies value so much.