Successful completion of Rights Issue

9 January 2012

Great Eastern Energy Corporation Limited

("Great Eastern" or "the Company")

Successful completion of Rights Issue

Further to the announcement on 21 November 2011, Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal Bed Methane (CBM) company, is pleased to announce that the rights issue of 1,500,000 new ordinary unlisted shares of INR10 each in Great Eastern ("Ordinary Shares") at a price of INR 450 has been fully subscribed and the Company has received the full proceeds of INR 675m (approximately £8.2m).

Following the completion of the rights issue, Mr. Yogendra Kr. Modi and Mr. Prashant Modi, have a beneficial family interest of 35,246,842 Ordinary Shares representing approximately 59.18% of the total issued share capital of the Company.

Following completion of the rights issue, the Company has 59,561,950 Ordinary Shares in issue. The Ordinary Shares are not themselves listed but 36,919,873 Ordinary Shares effectively trade through a Global Depositary Receipt ("GDR") programme of 0.5 Ordinary Share for every 1 GDR on the London Stock Exchange.

In accordance with DTR 5.6.2 of the FSA's Disclosure Rules and Transparency Rules, following the rights issue the Company's issued share capital comprises 59,561,950 Ordinary Shares with voting rights. No Ordinary Shares are held in treasury. The figure above may be used by shareholders and GDR holders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, Ordinary Shares in the Company under DTR 5.

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