Greka Wins 30-Well Drilling Deal in China

Asia-focused oilfield services firm Greka Drilling reported Tuesday that it has won further drilling work with its major client, Green Dragon Gas, following the successful completion of a 10-well program in 2014. Greka uses a proprietary drilling technology it calls LiFaBriC (lined inseam faulted brittle coals), which it believes has "key advantages" over traditional vertical or multilateral horizontal drilling.

The new contract is for a 30-well program valued at $45 million. The wells will be drilled in the Shizhuang South block in Shanxi Province, China. Greka said that the new well sites are under preparation with rigs and manpower currently being mobilized to the sites. The company expects the program to begin later this month, using up to 10 GD75 land rigs.

Greka Chairman Randeep S. Grewal commented in a company statement:

"We are pleased to announce that the Company has completed the 2014 drilling program of 10 LiFaBriC wells for Green Dragon Gas Ltd and is delighted to begin the 2015 campaign with this 30-well LiFaBriC order. The value of this Work Order is approximately $45m and is in addition to our existing $65m contract for Essar in India, a substantial portion of which will be completed in 2015. We indeed look forward to a robust 2015."


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