, February 01, 2010

Awards under Incentive Compensation Plan

Email Page

Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL) announced that in accordance with its Incentive Compensation Plan adopted in 2007, management of the Company on February 1, 2010 were awarded 749,965 GDRs as a bonus for their performance in 2009, valued at the closing price of the GDRs on the LSE on January 29, 2010 at US$ 10,345,791. Such GDRs awarded in the aggregate represent 0.6% of the shares of the Company on a fully diluted basis.

The GDRs awarded were granted by the Company out of GDRs currently held by EDC Incentive Plan Limited, a wholly owned subsidiary of the Company. These GDRs came from GDRs purchased by the Company in a previously announced buyback of GDRs during the 2008-2009 financial crisis. They were not newly issued shares.

***

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".

***

For further information, please contact:

Kim L. Kruschwitz, VP Investor Relations
+44 (0) 207 717 9707
investors.relations@eurasiadrilling.com

February 1, 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: 27 March 2010: EDC Unveils its First Drilling Rig Manufactured In-House