China-based Greka Drilling Ltd. has been awarded two new drilling contracts worth up to US$9.1 million, the company said on Oct. 24.
The first contract is a turnkey contract with Greka Guizhou E&P Ltd., a subsidiary of Green Dragon Gas Co., worth US$4.9 million and consists of site preparation, supply of all tangibles, services and drilling needed to complete 12 wells.
The program consists of two multiwell pads with one vertical and five directional wells to be drilled on each pad to an average depth of 850 m (2788 ft). Two of the company’s GS130 rigs have been mobilized to commence the drilling of the 12 wells, which are expected to be completed by year-end.
The other is a contract with Bohai Drilling Engineering Co., a subsidiary of China National Petroleum Corp. (CNPC), has a US$4.2 million minimum commitment. Under the contract, Greka Drilling will be a subcontractor to BDE, who predominately drills horizontal wells for CNPC.
BDE, a predominant oil and gas drilling company, has contracted the company’s advanced CBM purpose built GD75 rigs, equipment and expertise to complete horizontal wells over two years.
In addition, the company said that two of its non-executive directors, David Turnbull and Richard Day, are stepping down from its board with immediate effect. Greka’s board now comprises Randeep Grewal as executive chairman and two non-executive directors, Bryan Smart and Sean Mulhearn.
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