Award of Participating Interest



20 May 2013

Great Eastern Energy Corporation Limited

("Great Eastern" or "the Company")

Award of 25% Participating Interest by Oil & Natural Gas Corporation Limited (ONGC) in Raniganj (North) Block

Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal Bed Methane (CBM) company is pleased to announce that it has been awarded a 25% Participating Interest in Raniganj (North) Block which was offered by ONGC through a competitive bidding process initiated in January, 2013.

Raniganj (North) Block is adjacent to the current Raniganj (South) Block of the Company in the state of West Bengal, India. The Gas-in-Place in the entire Raniganj (North) Block as per the Directorate General of Hydrocarbons (DGH) is 1.5 TCF. Great Eastern already has 100% ownership of the Raniganj (South) block.

The Company has accepted their offer on May 17, 2013, which is subject to execution of Farm-in related and Joint Operatorship agreements with ONGC (along with its consortium) and the approval from the Government of India.

Prashant Modi, President & COO of Great Eastern commented:

"We are delighted to have been selected as the preferred bidder by ONGC on this key CBM Indian development opportunity. This brings in another exciting area of development into our operations. We have demonstrated our capabilities in this sector through our Raniganj (South) block and we look forward to working with our partners and enhancing the reserve base of the Company."

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