Mr. N. Kohli announced today from his home outside London that Granox, Ltd., an oil and gas exploration firm, has landed a contract to drill exploratory wells on a site in Eastern Russia. Granox Ltd., was founded and is wholly owned by Mr. Kohli.
In a phone interview, Mr. Kohli said that he was very excited at the prospects of drilling in a region that has proven to be a consistent oil producer in the past. “Working from new geological data, we will be drilling deeper than any of the other existing wells in our search for pockets of oil. It has taken us a little longer than we expected to get our operations up and running, but with this new contract and oil holding above fifty dollars a barrel this could prove to be a very lucrative contract. I expect to turn a profit this year.” He said his plans include a stop over to check out the progress on his way back to San Jose, Costa Rica next week.