GREKA TO DRILL UP TO 240 CBM WELLS FOR PETROCHINA

May 31, 2018

Greka Drilling has been awarded a drilling contract with Shanxi CBM Exploration and Development Branch of PetroChina. This new drilling contract is to be deployed in PetroChina’s CBM (coal bed methane) blocks – Fanzhuang and Zhengzhuang within Shanxi Province and is estimated to have a value of US$1.3m, at the minimum. This contract is part of a 240 well project where the Company expects to get further wells assigned. This new contract for the Fanzhuang and Zhengzhuang blocks is for one year, consisting of vertical and directional production wells. The drilling is planned to start prior to the end of Q2.
Additionally, drilling activities continue under the Company’s other existing contracts with PetroChina where six of the Company’s GD75 rigs are currently deployed.The Company’s workover rigs continue to engage in operations on G3 Exploration’s GSS block.
Mr. Randeep S. Grewal, Chairman of Greka Drilling, commented:
“We are very pleased that China’s flagship energy company, PetroChina CNPC has again awarded Greka Drilling another new drilling contract. With significant drilling activity on several of PetroChina CNPC’s CBM blocks, we are playing a key role in executing our client’s drilling programs.”
Greka Drilling incorporated in the Cayman Islands with main operations in the People’s Republic of China and India, is one of the largest independent and specialised unconventional gas drilling companies in Asia. The company was established as a subsidiary of Green Dragon Gas Limited in November 2007.
Greka Drilling has developed the LiFaBriC methodology for the under-saturated brittle and highly faulted coals typically found in China. The LiFaBriC lateral well design does not involve any fracking, it does not use chemicals and results in a long well life and easy workover. (Source and image: Greka Drilling)