OREANDA-NEWS. October 11, 2012. Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore & offshore drilling service provider in the CIS, is today providing an update on trading for calendar year 2012. Financial data is based on management’s assessment and has not been reviewed by external auditors.

As outlined at the time of the Half Year results on 28 August, 2012, the Company is experiencing its busiest year to date, with E&P companies continuing to expand their capital budgets. This has resulted in the Company seeing an increase in its drilling activity. Management now expects onshore drilling volumes, EBITDA margin and capital expenditure to be ahead of its previous guidance. The Company will give a fuller update on trading when it announces its Q3 results in late October 2012.

Revised Outlook:

EDC’s current onshore drilling volume forecast is for at least 5.8 million metres for 2012, implying growth of approximately 21% y-o-y;

Onshore horizontal drilling volumes for FY 2012 are now expected to be roughly equal to our 2011 total at approximately nine hundred thousand metres;

Revenue expectation for FY 2012 remains unchanged at USD 3,150 million;

EBITDA margin expectation is now above 23.8% for the full year 2012, more than 2 percentage points higher than 2011;

Capital expenditure is expected to increase to between USD 500 and USD 600 million for FY 2012.

Dr. Alexander Djaparidze, EDC’s Chief Executive Officer, commented,

“The revision in our outlook for the year is testament to our strong relationships with key clients and our success in meeting the growing demand and technical expertise requirements of the major E&P companies in Russia and the CIS. “