16th Jul 2007 07:01
Great Eastern Energy Corp Ltd16 July 2007 16 July, 2007 Great Eastern Energy Corporation Ltd. ("Great Eastern", "GEECL" or the "Company") Sales of Gas commence Great Eastern (AIM: GEEC.L), a Company involved in the exploration, developmentand production of coal bed methane (CBM) in India, is pleased to announce, asoutlined at the time of the Group's preliminary results in June, that it hascommenced initial industrial sales of CBM as well as sales of Compressed NaturalGas "CNG" for vehicles in and around Asansol, West Bengal, India. The delivered price being obtained by GEECL is between $13 to $15 / mcf. The occasion was inaugurated by Mr.Nirupem Sen, Hon'ble Minister of Commerce andIndustry, West Bengal, who said "The commencement of sales of CBM will changethe face of industrialisation and reduce pollution in the state of West Bengal." The Prime Minister of India, Dr. Manmohan Singh, commented, "I am pleased tolearn that Great Eastern Energy Corporation limited is making the first sale ofits gas at Asansol. It is note worthy that this will be the first Coal BedMethane sale in India. The commercial exploitation of Coal bed Methane willcertainly help in meeting India's growing energy needs." Mr YK Modi, Chairman and Chief Executive Officer, GEECL, added, " "We are proud to be India's first private sector company to venture into CoalBed Methane exploration, production and distribution. India's continued economicgrowth is dependent upon meeting the growing energy demand. We believe that theproduction and adoption of CBM can play an important part in meeting the energyshortage in a cost efficient and clean fashion." -ENDS- For further information: Great Eastern EnergyYK Modi Chairman & CEO + 44 (0) 20 3008 5509Prashant Modi President & COO Pelham Public RelationsPhilip Dennis +44 (0)20 3008 5509Hugh Barker Arden PartnersRichard Day +44 (0)20 7398 1632Steve Pearce About GEECL: Great Eastern Energy Corporation Ltd. ("Great Eastern") raised £19m in December2005 through an admission of Global Depositary Receipts (GDRs) on the AIMmarket. The Company has a notional market capitalization of £172 million. Great Eastern holds a licence to explore for CBM in the 210 sq km block in theRaniganj Coalfields, West Bengal. In a report dated June 1, 2007, Netherland,Sewell and Associates, Inc. (NSAI) put the Original Gas-in-Place (OGIP) at 1.92TCF, which is an increase of 38.5% from the previous report used at the time ofthe floatation of the Company in December 2005. The NSAI report was prepared inaccordance with 2000 petroleum resources definitions approved by the Society ofPetroleum Engineers (SPE), World Petroleum Council (WPC), and AmericanAssociation of Petroleum Geologists (AAPG). In accordance with the standards,the OGIP will move into reserves after entering into commercial off-takecontracts and providing established production profiles. GEECL has already drilled 23 production wells and proposes to drill a further 80production wells in a phased manner over a period of 3 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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