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Tuesday, May 17, 2022

Greka Engineering shares lift on operational update

LONDON (ShareCast) – (ShareCast News) – Shares (Frankfurt: DI6.F – news) in Greka Engineering were up after the company said it drilled more wells but warned on profit. Shares in the AIM company were up 6.09% to 0.610p after the independent oil and gas driller said all its key metrics saw growth.

Greka drilled 28 wells in the first half of the year, up from 19 wells for the same period last year. The company drilled 26,367 metres, 25% more than the first year of the year before.

However it warned full year revenue would be impacted by one of its Indian clients suspending its drilling campaign.

“Whilst Essar’s current suspension of its drilling campaign will reduce the initially forecasted revenue in the current year from India by the value of the remaining contract value, we remain confident about the company’s longer term prospects in India,” chief executive Randeep Grewal said.

Grewal said the exploration and production sector had suffered a material reduction in drilling campaigns but notwithstanding the trend campaigns of its client Green Dragon Gas (LSE: GDG.L – news) gave it confidence for a robust 2015.

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