June 23, 2009 - Eurasia Drilling Company Limited ("EDC" orthe "Company" - LSE: EDCL) announced today that it purchased 500 ofits Global Depositary Receipts (“GDRs”) at USD 11.50 per GDR on June 19, 2009and 50,000 GDRs at USD 11.50 per GDR on June 22,2009. The GDRs were repurchasedunder the Company’s Share Repurchase Program previously announced October 27,2008 and Extension of Share Repurchase Program previously announced December18, 2008.
Since October 27, 2008, the Company has repurchased a total of 11,418,640GDRs under its Repurchase Program. The number of repurchased GDRs constitutesapproximately 8.43%of the Company’sissued and outstanding shares.
The GDRs repurchased under the Share Repurchase Program will be heldby EDC Incentive Plan Limited, a subsidiary of the Company.
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EDC is the largest provider of onshoredrilling services in Russia,as measured by the number of meters drilled, providing onshore integrated wellconstruction services and workover services. In addition, the Companyprovides offshore drilling services in the Caspian Sea. The Company offers its onshore integrated well construction services andworkover services to local and international oil and gas companies primarily inRussia and its offshoredrilling services to Russian and international oil and gas companies in theRussian, Kazakh and Turkmen sectors of the Caspian Sea. The Company is traded on the London Stock Exchange under the symbol “EDCL”.
