Greka Drilling Ltd (DI) (GDL) – Dirt cheap, but for a reason….it’s the Dragon inside!
The Chinese-based gas driller reassured investors this week after announcing that it knew no reason why its share price had fallen in recent weeks. The stock has been down more than 25% this month and 40% in the last year.
The board said that it “Wishes to state that it is not aware of any reason for such movement”. Furthermore, the Company announced that they would be releasing their interim results on 3 September 2012. - Highlights Greka recently announced a 119% increase in metres drilled year-on-year. 57,997 meters were drilled during H1 2012, compared with 26,435 metres drilled in the comparable period for 2011. The metres drilled measurement is certainly an odd metric, yet one we feel to be rather appropriate given the nature of the business! However, just because the Company has increased its drilling efforts, does not…