10th Oct 2014 09:07
LONDON (Alliance News) - Great Eastern Energy Corp Ltd Friday said it has received a letter from the Oil & Natural Gas Corp Ltd, which has annulled the process of awarding the company with a participating interest in the Raniganj North block in India.
Great Eastern Energy was due to be awarded a 25% participating interest in the block and has said that the letter from Oil & Natural Gas did not highlight any reason for the decision. Great Eastern said in a statement that it has challenged the purported annulment as it believes it is against the terms and conditions stated by Oil & Natural Gas.
Great Eastern has drilled 156 wells in the adjacent Raniganj South block, with the intention of drilling a further 144 wells on the site. The company has 2.4 trillion cubic feet of gas in place and proved resources of 77.9 billion cubic feet in proved resources at the site.
Great Eastern shares were down 1.2% to 122.00 pence per share Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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