, February 22, 2016

Update on Dissenters pursuant to Merger

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22 February 2016

 

EURASIA DRILLING COMPANY LIMITED

UPDATE ON DISSENTERS PURSUANT TO MERGER

 

Eurasia Drilling Company Limited (the "Company") announces an update on the process it is involved in, with those parties that dissented to the merger completed by the Company on 16 November 2015 ("Merger"), and who instead opted to have the Grand Court of the Cayman Islands (the "Court") reach its determination as to the fair value of the shares held by them ("Dissenters").

On 3rd February 2016, and in accordance with its obligations under the Companies Law of the Cayman Islands (2013 Revision) the Company issued a petition in the Court which has commenced proceedings with those Dissenters who had not reached a settlement with the Company at that time (the "Respondents").  The Respondents held a total of 7,319,426 GDRs equating to 4.6% of total issued and outstanding shares in the Company prior to the Merger. The Respondents are able to settle with the Company at any time during the Court process, which could take up to a year.

 

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Enquiries:

Eurasia Drilling Company Limited

Tom O'Gallagher, VP Investor Relations

+44 (0) 207 717 9707

investors.relations@eurasiadrilling.com

 

Hudson Sander (media enquiries for the Company)

Andrew Hayes / Elena Garside

+44(0) 20 7796 4133

 

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