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Greka Drilling reports 38% rise in first half revenue

Published: 03:09 27 Sep 2017 EDT

oil and gas operations
Revenues increased and losses narrowed significantly

Greka Drilling Limited (LON:GDL) has revealed what it described as a “well-balanced” trading performance in its half yearly results.

The drill contractor reported a 38% increase in first-half revenue, up to US$3.6mln in the six months to 30 June from US$2.6mln in the same period of last year as it completed twelve wells during the half versus ten in the comparative period.

WATCH: Greka Drilling's Randeep Grewal hails new drill contract wins in China

Five of the wells were in China, while a further seven were in India. Measured in metres, the company drilled some 15,625 metres versus 12,458.

Greka reported a US$1.4mln loss, representing a significant narrowing from the US$5.5mln loss in the first half of 2016. The company ended the period with some US$2.7mln of cash.

Randeep Grewal, Greka chief executive, said: “"I am very pleased to report a well-balanced performance in China and India.

Greka Drilling boss Grewal hoping to drill 250 wells

Randeep Grewal, the chief executive and chairman of Greka Drilling (LON:GDL), says he hopes the company will be able to drill close to 250 wells over the next 15-18 months. Grewal says it is difficult to predict the exact number of wells that will be drilled but is optimistic about the road...

on 09/24/2014