EDC Announces Extension of Share Repurchase Program
EDC Announces Extensionof Share Repurchase Program
July 14, 2009 - EurasiaDrilling Company Limited (“EDC” or the “Company” - LSE: EDCL) announcedtoday that it will extend its Share Repurchase Program up to an additional 90days from this announcement.
EDC on October 27, 2008 previously announced repurchase of up to million ofits shares and Global Depositary Receipts and on December 18, 2008 of up to million of its shares and Global Depositary Receipts.
Since October 27, 2008, the Company has repurchased a total of 11,442,254 GDRsunder its Repurchase Program. The number of repurchased GDRs constitutesapproximately 8.45%of the Company’sissued and outstanding shares.
The GDRs repurchased under the Share Repurchase Program will be held byEDC Incentive Plan Limited, a subsidiary of the Company.
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EDC is the largest provider of onshore drillingservices 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”.
Someof the views expressed in this document may constitute “forward lookingstatements” that involve known and unknown risks, uncertainties and otherfactors which may cause our actual results, performance or achievements to bematerially different from any future results, performance or achievements expressedor implied by such forward-looking statements.
