27 September 2018
Greka Drilling Limited
("Greka Drilling" or the “Company")
Interim Results 2018
Greka Drilling Limited (AIM: GDL), the largest independent and specialized unconventional gas driller in Asia, is pleased to announce its unaudited results for the six months ended 30 June 2018.
Revenue of US$2.3 million (H1 2017: US$3.6 million), reduction due to loss of India revenue
Loss of US$2.8million (H1 2017: loss of US$1.1 million), carrying fixed costs while contracts are being concluded with clients
12 wells were drilled in the first 6 months this year (all in China) compared to 12 wells in the same period last year (5 in China; 7 in India)
A total of 18,430 meters were drilled, compared to 15,625 meters in the same period last year
Randeep S. Grewal, Chairman and Chief Executive of Greka Drilling, commented:
While activities are starting to pick up in China for the second half, the first half of the year was quite challenging. China activities have been consistent with a continuous drilling program being executed with CNPC in Shanxi province. India has been at a standstill until further tenders are won and thus has produced no reported revenues for H1 2018. I remain very positive on the long term prospects for Greka Drilling but expect challenges in the short term to continue while we operate with the current limited number of contracts.
For more information on Greka Drilling, please visit the Company’s website at www.grekadrilling.comor contact:
Smith & Williamson
Nominated Adviser and Broker
Azhic Basirov / David Jones / Ben Jeynes
+44 (0) 20 7131 4000