OREANDA-NEWS. December 28, 2012. Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore and offshore drilling service provider in the CIS, announces today that it will buy back up to US million of its Global Depositary Receipts for the purpose of funding its existing Incentive Compensation Plan which was approved by the Board of Directors of EDC in 2007. The buy-back will be funded from the Company’s cash reserves, consequently EDC will not incur additional indebtedness. The repurchase of the EDC GDRs will commence as early as today and will be held in an EDC subsidiary. The repurchase programme will last for 90 days from its commencement and will be subject to applicable rules of the London Stock Exchange.

EDC is the largest provider of onshore drilling services in Russia, as measured by the number of metres 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”.