13th Mar 2014 12:29
LONDON (Alliance News) - Great Eastern Energy Corporation Ltd Thursday said it has increased its reserve numbers at the Raniganj Block in India following an independent report.
The coal bed methane production company, said a report provided by Advance Resources International Inc has shown a 1.7% increase in original-gas-in-place on site to 2.44 trillion cubic feet from 2.40 trillion cubic feet for previous tests in February 2013.
The company said its proved resources increased 45.4% to 77.90 billion cubic feet from 53.60 billion cubic feet previously.
Great Eastern said its proved and probable resources increased 34% to 186.70 billion cubic feet from 139.30 billion cubic feet and its proved, probable and possible reserves increased 4.6% to 289.60 billion cubic feet from 276.80 billion cubic feet in the 2013 estimate.
"This original-gas-in-place, resource, and reserves upgrade is further confirmation of the resource potential of the Raniganj Block. Continued interest from major new industrial customers also reaffirms the attractive supply/demand balance for gas in India, which we are well positioned to deliver," Chief Operating Officer Prashant Modi said in a statement.
Great Eastern Energy shares were down 4.0% to 120.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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