, February 20, 2015

Update on Merger Timetable

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20 FEBRUARY 2015

EURASIA DRILLING COMPANY LIMITED

UPDATE ON MERGER TIMETABLE

Eurasia Drilling Company Limited (the "Company") announces that Schlumberger B.V. ("SLB") and the Company are continuing to cooperate with the Russian Federal Anti-Monopoly Service ("FAS") to respond to requests for information regarding the transaction described in the circular to Shareholders dated 20 January 2015.  The merger (the "Merger") between the Company and EDC Acquisition Company Limited ("EACL") and the related transaction with SLB will only be completed once all conditions precedent set out in the merger agreement dated 20 January 2015 between the Company and EACL (the "Merger Agreement") have been satisfied, including FAS confirming that SLB and the Company have responded to all information requests to FAS's satisfaction and that no further notification to, or review by, FAS is required. As a result, the filing of the plan of merger with the Cayman Islands Registrar of Companies, payment of the Merger consideration to the Company's shareholders and by The Bank of New York Mellon (as depositary) to holders of the Company's global depositary receipts ("GDRs"), and the delisting of the GDRs from the London Stock Exchange, will not occur on the expected dates previously announced by the Company.

The Company will make a further announcement regarding the expected timing of the completion of the transaction once all conditions precedent set out in the Merger Agreement have been satisfied, including FAS confirming that SLB and the Company have responded to all information requests to FAS's satisfaction and that no further notification to, or review by, FAS is required. 

 

 

Enquiries:

Eurasia Drilling Company Limited

Tom O'Gallagher, Marketing and Investor Relations

Evgeniya Bitsenko, Investor Relations

+44 (0) 207 717 9707

investors.relations@eurasiadrilling.com

Hudson Sander (media enquiries for the Company)

Andrew Hayes / Elena Garside

+44(0) 20 7796 4133

XENON Capital Partners LLC

Natasha Tsukanova, Managing Director

Andrey Bulanov, Vice President

+7 495 644 00 10

 

Next: 30 March 2015: Extension of Merger Long Stop Date