MOSCOW, October 8, 2010 - Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL) announced today that it will buy back up to 900,000 of its Global Depositary Receipts. The EDC GDRs will be repurchased commencing as early as October 11, 2010, and will be held in a subsidiary. The repurchase program may extend up to 180 days from its commencement and will be subject to applicable rules of the London Stock Exchange. The GDRs are being repurchased to provide for performance awards under the Company’s Incentive Compensation Plan.

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EDC is the largest independent provider of onshore drilling services in Russia, as measured by the number of meters drilled, providing onshore integrated well construction services and workover services.  In addition, the Company provides offshore drilling services in the Caspian Sea.  The Company offers its onshore integrated well construction services and workover services to local and international oil and gas companies primarily in Russia and its offshore drilling services to Russian and international oil and gas companies in the Russian, Kazakh and Turkmen sectors of the Caspian Sea.    The Company is traded on the London Stock Exchange under the symbol “EDCL”.

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For further information, please contact:

Kim L. Kruschwitz, VP Investor Relations

+44 (0) 207 717 9707

investors.relations@eurasiadrilling.com

October 8, 2010

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Some of the views expressed in this document may constitute “forward looking statements” that involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.