Edison Investment Research - Greka Drilling Ltd (GKDLF) Institutional Comment: Daily comment

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Edison Investment Research

Institutional Comment: Daily comment

06/01/2015 3 EN

Underlying

Greka Drilling Ltd

Greka Drilling is a holding company. Co. is an oil and gas drilling company. Co., through its subsidiary, Greka (Zhengzhou) CBM Technical Services Co. Ltd. holds rigs in China. Co. is engaged in providing CBM drilling services. Co. provides drilling services across techniques, such as conventional, directional and liFaBriC (horizontal geo-steered completion). Co.'s drilling fleet comprises purpose-built hydraulic rigs specifically designed for the application of drilling services within the unconventional gas industry. Co. provides financing and management services to its subsidiaries and is focused on continually developing technologies which service its customer base.

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KYG411101002 Cayman Islands

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Green Dragon Gas (GDG) recently issued an $88m corporate bond, funding 50 wells of a 150-well LiFaBric drilling campaign at its GSS licence in China, due to be executed by Greka Drilling (GDL) out to 2105. This is a material announcement for GDL as GDG represents 72% of GDLâ€™s total estimated drilling activity for 2015. Our 45p valuation for GDL assumes 100 GDG wells are drilled in 2015. If we assume just 50 wells are drilled (the level underwritten by GDGâ€™s debt issuance), we still arrive at a value of 24p versus the current price of 15p.

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Institutional Comment: Daily comment

Ford Equity International Rating and Forecast Report

Flash note: Client bond placement underwrites our valuation

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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