OREANDA-NEWS. Eurasia Drilling Company Limited (“EDC” or the “Company” - LSE: EDCL), theleading onshore & offshore drilling service provider in the CIS, announced today that the Boardof Directors of EDC on February 18, 2014 authorized the Company's Management tobuy-back some of its Global Depositary Receiptscommencing April 2, 2014 (post the announcement ofFY 2013 results in late March, 2014) for a period of six months inan amount up to USD 200 million. The buy-back will be funded from the Company's cash reserves and so the Companywill not incur additional indebtedness to execute the buy-back program.

EDC is the largest provider ofonshore drilling services in Russia, as measured by the number of metresdrilled, providing onshore integrated well construction services and workoverservices. The Company also providesoffshore drilling services in the Caspian Sea and is the largest provider ofsuch services in the sectors where it operates based on the number of jack-updrilling rigs. The Company offers its onshore integrated well constructionservices and workover services to local and international oil and gas companiesprimarily in Russia and its offshore drilling services to Russian andinternational oil and gas companies in the Russian, Kazakh and Turkmen sectorsof the Caspian Sea. In addition, the Company provides onshore drilling servicesin Iraq. The Company is traded on the London Stock Exchange under the symbol“EDCL”.