Greka Engineering & Technology Ltd Operations Update (9639T)
July 24 2015 - 1:00AM
UK Regulatory
TIDMGEL
RNS Number : 9639T
Greka Engineering & Technology Ltd
24 July 2015
24 July 2015
GREKA ENGINEERING & TECHNOLOGY LTD
("Greka Engineering" or the "Company")
Operations Update
Greka Engineering & Technology Ltd. (AIM: GEL), the
unconventional gas sector engineering and technology business with
pipeline, gas compression and power generation assets in China,
announces continued growth in all of its key metrics.
The Company benefited from increases in gas processed,
electricity generated and process engineering during H1 2015.
Gas Compression
-- Gas processed in H1 2015 was 661,520 thousand cubic feet
(18.7 million cubic metres), a 16% increase over H1 2014 (568,463
thousand cubic feet/16.1 million cubic metres), of which:
o Sales volume was 577,897 thousand cubic feet (16.3 million
cubic metres), a 21% increase over H1 2014 (477,720 thousand cubic
feet /13.5 million cubic metres)
o Self-consumption volume was 83,623 thousand cubic feet (2.4
million cubic metres)
-- No lost time due to injury or accident in H1 2015
Power Generation
-- Electricity generated in H1 2015 was 8,420,174 kwh, of which:
o Power sales volume was 6,824,111 kwh, a 26% increase over H1
2014 (5,429,281 kwh)
o 1,596,063 kwh was consumed for operations in H1 2015
-- No lost time due to injury or accident in H1 2015
Infrastructure
-- 10.0km of gas gathering pipeline was constructed in H1 2015
-- 51.9km of well gas gathering pipeline at end of H1 2015
-- 6.2km of power lines built in H1 2015
-- 83.2km of power lines at the end of H1 2015
-- No lost time due to injury or accident in H1 2015
Manufacturing
-- Sales of 31 gas station refuelling equipment items in H1 2015
-- Addition of 6 new customers during H1 2015
-- A total of 156 customers in China at the end of H1 2015
-- No lost time due to injury or accident in H1 2015
Randeep S. Grewal, Executive Chairman of Greka Engineering,
commented:
"This operational update is in line with our expectations. We
have forecasted a gradual increase in business operations which is
being demonstrated. It continues to be clear that Greka Engineering
& Technology offers comprehensive solutions to companies
looking to take advantage of the opportunities offered by the
rapidly growing unconventional gas market. We continue to be
focused on creating a 'one-stop-shop' for the many entrants into
this niche sector."
Contacts:
Smith & Williamson
Nominated Adviser
Dr Azhic Basirov / David +44 20 7131
Jones / Ben Jeynes 4000
WH Ireland
Broker +44 113 394
Tim Feather 6600
Walbrook + 44 20 7933
Media & Investor Relations 8780
Paul Cornelius / Nick Rome get@walbrookpr.com
/ Guy McDougall
About Greka Engineering & Technology
Greka Engineering & Technology Ltd., (AIM: GEL) was demerged
from Green Dragon Gas Ltd. (LSE: GDG) via a dividend in specie and
was admitted to trading on AIM in September 2013.
Greka Engineering offers turnkey solutions to over 100 upstream,
midstream and downstream gas suppliers. The Company's technologies
include Compressed Natural Gas/Liquefied Natural Gas (CNG/LNG)
compressor equipment, CNG retail dispenser equipment and CBM
wellhead extraction technologies. The Company also supplies
proprietary Integrated Circuit Card Point of Sale (ICC POS) and
Supervisory Control and Data Acquisition (SCADA) software and
hardware solutions for the remote management of transmission
systems, power facilities, vehicle management and retail
services.
In addition, the Company invests in, operates and maintains
wholly owned assets for its customers in return for service
contracts based on the volume management.
The Company has historically completed several Engineering,
Procurement, Construction and Management (EPCM) contracts including
the design, construction and management of gas gathering systems, a
gas pipeline in Shanxi Province to the China West-East pipeline,
the installation and commissioning of a 10MW gas-fired power
facility in the Shanxi province and the construction of CNG retail
stations.
For more information of Greka Engineering, please visit the
Company's website at www.grekaengineering.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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