Greka Drilling awarded two new contracts from PetroChina CNPC

ZHENGZHOU, China -- Greka Drilling Limited, the largest independent and specialized unconventional oil & gas driller in Asia, has announced that it has been awarded two new drilling contracts with PetroChina Huabei Oilfield Limited (a subsidiary of CNPC), in addition to the one currently in progress. These two drilling contracts are to be deployed in PetroChina’s CBM Blocks - Fanzhuang and Anze - within Shanxi Province and are estimated to have an aggregate value of at least $2 million.

The contract for the Fanzhuang Block is for one year with a scope of 16 wells consisting of vertical/directional production wells as well as exploration wells. The drilling is planned to start by month end, following the completion of the six horizontal wells from the previous contract.

The contract for the Anze Block is for two years with a scope of at least 10 directional wells to be drilled on two multi-well pads. In the previously-announced contract consisting of 5 horizontal wells for PetroChina in the Fanzhuang Block, as planned the first well was spud in February 2017 and four horizontal wells have been successfully completed. The client has increased the well count by an extra horizontal well, for a total of six horizontal wells under this contract. A second rig has been mobilized to this block to drill the additional well. The 5th and 6th wells are currently being drilled and expected to be completed this month.