Exploration & Production

Greka Drilling releases yearly results, sees profit up

Greka Drilling Limited, the largest independent and specialised unconventional gas driller in China, announced results on Wednesday for the year ended 30 June 2011.
By James Byrne 7 September 2011 0 920

Greka Drilling Limited, the largest independent and specialised unconventional gas driller in China, announced results on Wednesday for the year ended 30 June 2011.

The drilling company, which demerged from Green Dragon and listed on the London Stock Exchange on 8 March 2011, recorded $17.1 million revenue: a 121% increase over the same period last year. Although only $900,000 of this was net profit, the company reversed the losses it made last year, which stood at $1 million, on the back of increasingly successful production.

The promising...