OilVoice Morning Movers - Greka Drilling, BowLeven and Matra Petroleum

Wednesday, January 30, 2013

Greka Drilling (LON:GDL) announced this morning that as a Company they grew at the fastest rate globally of any company known to them in their field of operation. Achievements of 2012 include 147,126 metres of drilling drilled compared with 88,224 metres in 2011 - an increase of 67% year-on-year.

Randeep Grewal, Chairman and Chief Executive of Greka Drilling, said: "We are pleased with the operational achievements through 2012 yearend. The drilling teams continue to succeed in pushing their accomplishments further and thus providing enhanced service capability to the clients. We expect this trend to continue in the years ahead.

The third party contracts awarded to Greka Drilling are validation of the knowledge, technical expertise, efficiencies and methodology accumulated over years of diligent work on the ground and under it. Utilization rates in 2012 exhibited the planned ramp up associated with the growth the Company set for itself and the associated training of skilled personnel. As a Company we grew at the fastest rate globally of any company known to us in our field of operation. We are an established go-to party in the industry for specialized drilling methods and we are known for pushing the boundaries as a pioneer in unconventional resources.

The Year of the Snake, an apt name that doubles for the way we drill, will see us capitalizing on the growth of unconventional resource exploitation with our skilled manpower and drilling rigs, which successfully doubled during the last year."

Greka Drilling are currently trading at 27.39 pence a share, up 11.80% on opening.

BowLeven (LON:BLVN) announced this morning that the IM-5 appraisal/development well has an estimated target depth of 3,475 metres and is drilling in water depths of around 56 metres. The AIM listed company said that following a variety of operational delays of a mechanical nature, the well has now reached a depth of 3,330 metres MD and is currently situated just beneath the top of the principal Middle Isongo target. Bowleven also announced a potentially significant hydrocarbon discovery in the Intra Isongo.

Kevin Hart, Chief Executive said: "We are highly encouraged with the results so far on the IM-5 well which to date has confirmed our pre-drill seismic interpretation. The potentially significant hydrocarbon discovery in the Intra Isongo demonstrates the substantial upside that we believe exists on Etinde. Bowleven is focused on delivering the key requirements that will enable the final investment decision for the Etinde development. Consequently IM-5 drilling operations will continue with the planned appraisal of the Middle Isongo interval and, subject to the results, the potential testing of both the Intra and Middle Isongo reservoir formations."

BowLeven are currently trading at 71.89 pence a share, up 13.21% on opening.

Matra Petroleum (LON:MTA) shares have risen by 14.36% this morning and are currently trading at 1.43 pence a share.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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