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    Greka Drilling Plans India Entry

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Summary

Greka Drilling Limited plans to expand its footprint from China onto India this year.

by: Shardul

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Asia/Oceania

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Greka Drilling Plans India Entry

Greka Drilling Limited plans to expand its footprint from China onto India this year.

“We intend to expand our geographical operations from China into India this year and capitalize on the vast drilling demands within unconventional gas and oil which includes CBM and Shale. We continue to talk to customers in China, in Asia as a whole and have recently had discussions with companies in the UK. I hope to be able to update shareholders shortly on India,” Randeep Grewal, Chairman and Chief Executive of Greka Drilling, commented.

The company also gave an update on its rig movements and customers. Currently the Company is contracted by five counterparties:  CNPC Huabei Changzhi, CNPC Huabei Jincheng, Sinopec Huadong CBM (BOFA),  Sinopec Huabei Unconventional Oil (Petroking) and Green Dragon Gas.

  • CNPC Huabei Changzhi (CBM) plans to drill 300 wells in its Anze Block, Shanxi Province. A total of 110 are targeted for this year. As part of this program, the Company has completed two directional wells to date.
  • CNPC Huabei Jincheng (CBM) has contracted the company to drill at its Jincheng Block, Shanxi Province in two locations. The Company successfully completed a LiFaBriC well earlier in the year which is currently on production and being evaluated. Presently, the Company is drilling a four directional well program using GD75-23, of which the second directional is currently being drilled.
  • Sinopec Huadong CBM (BOFA) contracted the Company for a one year program to drill 50 wells at Jixian, Shanxi Province.  Sinopec Huadong CBM has a 3,000 well program with 600 wells in total planned for this year. 
  • Sinopec Huabei (Petroking) has planned a 50 well program during the current exploration phase for unconventional oil within the Xunyi Block, Shaanxi. The Company is under contract to drill 100 wells subject to the successful drilling of the first 20 wells across the Sinopec Huabei acreage inclusive of the Xunyi Block.  
  • Green Dragon Gas, historically the Company’s largest client, reduced its drilling program in the first half of the year pending the favourable conclusion of its title issues.  This resulted in only 24 wells being drilled in the first half of the year.  As its title issues have been resolved, the Company expects Green Dragon Gas’ drilling program to resume in the second half of the year.

 

 

 

 

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