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greka drilling ltd-di (7GK) Snapshot

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greka drilling ltd-di (7GK) Details

Greka Drilling Limited, an investment holding company, provides coal bed methane drilling services in the Peoples Republic of China and India. The company’s drilling fleet includes purpose-built hydraulic top-drive rigs for the application of drilling services within the unconventional gas industry. Greka Drilling Limited was founded in 2007 and is headquartered in Zhengzhou, the Peoples Republic of China.

Founded in 2007

greka drilling ltd-di (7GK) Top Compensated Officers

Founder, Chairman, Chief Executive Officer an...
Total Annual Compensation: $600.0K
Chief Financial Officer and Executive Directo...
Total Annual Compensation: $97.0K
Compensation as of Fiscal Year 2014.

greka drilling ltd-di (7GK) Key Developments

Greka Drilling Limited Announces Audited Consolidated Earnings Results for the Full Year Ended December 31, 2014

Greka Drilling Limited announced audited consolidated earnings results for the full year ended December 31, 2014. For the year, the company reported revenues of $24,421,000 compared with $30,528,000 for the same period a year ago. Loss from operations was $2,810,000 compared with $301,000 for the same period a year ago. Loss before tax was $5,298,000 compared with profit of $1,086,000 for the same period a year ago. Loss attributable to owners of the company was $5,757,000 or $0.0144 per basic and diluted share compared with profit of $175,000 or $0.0008 per basic and diluted share for the same period a year ago. Net cash from operating activities was $8,889,000 compared with $1,671,000 for the same period a year ago. Payments for purchase of property, plant and equipment was $1,247,000 compared with $751,000 for the same period a year ago. Payments for intangible assets were $9,000 compared with $41,000 for the same period a year ago.

Greka Drilling Limited Announces Operations Update to 31 December 2014; Provides Operational Outlook for 2015

Greka Drilling Limited has provided an operations update to 31 December 2014. The company has provided 45 wells drilled in 2014 against 50 wells in 2015, of which: 38 wells drilled in China, 7 directional wells drilled in India, 18 wells drilled (40%) for Green Dragon Gas Ltd. and 27 wells drilled (60%) for other clients. For 26 wells drilled in the second half of 2014, an 8% increase over the same period in the last year against 24 wells in the second half of 2013, of which: 19 drilled in China and 7 directional wells drilled in India. Total of 58,520 million drilled in 2014, a 17% decrease over 2013 against 70,439 million a year ago, of which: 49,630 million drilled in China and 8,890 million drilled in India. For 28,470 million drilled in China in the second half of 2014, a 12% decrease over 2013 against 32,570 million for the second half of 2013. 13,442 man-hours of training were conducted in China for the second half of 2014, and a total of 21,291 man-hours in 2014; 6,764 man-hours of training conducted in India during the second half of 2014 and zero lost time injury/incidents recorded in 2014. The pace and quality of operational improvements were tangible in India as the equipment and crews became acquainted with the formations and drilling programmes. The company also announced operational outlook for 2015. In China, 30 LiFaBric wells for Green Dragon Gas and up to 10 rigs utilized. In India, 93 wells for Essar Oil Ltd. and 5 rigs utilized. New contracts expected within China and India and decision on expansion into new geography. The beginning of 2015 is expected to bring an increased volume of activity over the first, and in particular, the second quarter - when the majority of the newly awarded 30 LiFaBriC wells from Green Dragon Gas will commence.

Green Dragon Gas Ltd. Places a New Work Order with Greka Drilling Limited

Green Dragon Gas Ltd. announced that, as part of its previously stated plan to drill 150 wells at Greka Shizhuang South production block (GSS), it has placed a new work order with Greka Drilling Limited, under the companies' evergreen contract, to drill an initial 30 LiFaBriC wells. The estimated value of the order is approximately $45 million. Green Dragon continues to work on drilling plans, permits and locations for the additional wells to be funded by the November 2014 Bond Issue proceeds, and will provide a further update on these following the conclusion of the current order.


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