Moscow, December 30, 2009

EDC Finalizes acquisition of OOO Tekhgeoservice

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Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL) announced today that final agreements have been signed for the previously announced purchase of a domestic Directional Drilling/Telemetry contractor.

Under the agreements signed December 21, 2009, EDC subsidiaries have acquired 100% of the shares of OOO Tekhgeoservice (TGS), a Russian provider of wellsite directional drilling and telemetry services, and 25% of the shares of OOO BITAS, a Russian developer and manufacturer of proprietary telemetry equipment. On the same date, additional agreements were signed with OOO BITAS, covering servicing, modernization and priority purchase of telemetry equipment produced by OOO BITAS, at fixed prices to the Company. The total value of the acquisition is 1.1 billion rubles (approximately US Dollars 37 million).

TGS operations are being organized into a new directional drilling service line within the Company's wholly owned subsidiary, "OOO New Technology Services" ("NTS"). Other NTS service lines include provision of well cementing services and drilling fluids engineering.

Murray Vasilev, Sr. Vice President, Business Development for EDC, commented,
"The Company continues to broaden the spectrum of well construction services we are able to provide in-house. With the acquisition of TGS, EDC will have sufficient telemetry equipment and personnel to field up to 60 directional drilling crews which should be able to provide the majority of EDC's conventional directional drilling requirements in coming years."

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".

For further information, please contact:

Kim L. Kruschwitz, VP Investor Relations
+44 (0) 207 717 9707

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.

30 December 2009

Next: 30 December 2009: EDC Announces acquisition of workover assets from LUKoil