Moscow, January 11, 2010

EDC Announces New LUKoil Framework Agreement

Email Page

Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL) announced today that it has signed a new long-term framework agreement for well construction services with Open Joint Stock Company "Oil Company LUKoil" (LUKoil).

The new framework agreement, in effect from January 1st, 2010, defines pricing methodology and minimum work volumes (meters drilled) for exploration and production well construction services in Russia for a three year term (through December 31, 2012).

Dr. Alexander Djaparidze, EDC's Chief Executive Officer, commented,
"We are very pleased to announce finalization of the new framework agreement with LUKoil, our largest customer. This new agreement solidifies our already strong relationship with LUKoil by providing them a large portion of the drilling services they require for the next three years. The agreement will in turn enable EDC to efficiently utilize our production capacity and provide a predictable base of business from which to continue our growth."

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
investors.relations@eurasiadrilling.com
January 11, 2010

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: 19 January 2010: Management Share Dealing Notification