Greka Drilling Ltd. (AIM: GDL), an independent and specialized unconventional oil and gas driller in Asia, has been awarded two new drilling contracts with PetroChina Huabei Oilfield Ltd. in addition to the one currently in progress.
The two drilling contracts are to be deployed in PetroChina’s coalbed methane blocks—Fanzhuang and Anze—within Shanxi Province and are estimated to have an aggregate value of at least US$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 multiwell pads.
In the previously announced contract consisting of five 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.
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