Moscow, November 12, 2008

EDC Share Repurchase Program - Notice of possible block purchases of GDRs.

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Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL) announced today that it may consider buying packages or blocks of GDR's as part of its previously announced Share Repurchase Program (please see News Release dated October 27,2008).

In the event EDC elects to buy back the packages or blocks of GDRs, the volume of trading operations under the Share Repurchase Program may exceed 25% of the daily average weighted share trading volume recorded in the previous 20 day period.

W. Richard Anderson, Chief Financial Office of EDC, noted that the Company was considering buying such packages or blocks of GDR's due to low liquidity in the market for the Company's shares attributable to recent unusual overall market conditions.

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EDC is the largest 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

November 12, 2008

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.

Next: 12 November 2008: Transaction in Own Securities