Petro-king Oilfield Services (02178) said it operated at a much faster pace in the second quarter than it did in the first quarter of 2014 and it performed production enhancement services at a total of 40 wells in China during the quarter.
During the period, the Group undertook 14 drilling jobs, including turbine drilling, directional drilling, and provision of oil based mud services.
As the collection of the outstanding accounts receivable from a major customer in Venezuela was improved in the second quarter and has been progressing well recently, the Group speeded up its multistage fracturing services in the second quarter of 2014 in Venezuela and has completed three wells in Venezuela. The Group collected about HK$40.4 million in the second quarter and HK$43.5 million in July from a major customer in Venezuela and is expecting more settlement in the second half of 2014.
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