Great E. Energy Corp - Trading Update
19/10/2015 07:00
RNS Number : 5907C
Great Eastern Energy Corp Ltd
19 October 2015
19 October 2015
Great Eastern Energy Corporation Limited
("Great Eastern" or "the Company")
Trading Update
Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading IndianCoal Bed Methane (CBM) company,announces that demand from Raniganj (South) remains strong, with the Company in discussion with several new potential large customers for off take agreements. However, owing to operational issues at one of its largest customer's plants, the Board expects earnings for the six month period ending September 2015 to be below market expectations.
The Company has been informed by the customer that itsrespective OEM (original equipment manufacturer) personnel arenow currentlyon siteto resolve theseissues, and that works to remedy the problem should be completedby the end of next month; this despitethe customer in question having invested around US$ 3 billion in setting up a new plant alongside its existing plant.
This is a short term setback as production continues to increase and the Board remains confident for the future.
About the Company
The Company is a fully integrated gas production, development and exploration company in India, providing gas to the growing industrial region of West Bengal.Gas is being produced (Coal-Bed Methane gas) from the Raniganj (South) license area, which covers 210 sq. km, with 2.62 TCF of Gas-in-Place.
The Company's second asset is the Mannargudi license situated in the state of Tamil Nadu in India, which covers an area of 667 sq. km and 0.98 TCF Gas-in-Place.
In the year ended as on 31 March 2015, the Company increased its turnover by 9% to US$ 37.46m, EBITDA by 4% to US$ 24.80m and cash generation by 13% to US$ 20.21m.
For further information please visitwww.geecl.com
For further information please contact:
Great Eastern Energy
Yogendra Kr. Modi Executive Chairman +44 (0)20 7614 5917
Prashant Modi Managing Director & CEO
Arden Partners
James Felix +44 (0)20 7614 5900
Ciaran Walsh
Camarco
Ginny Pulbrook +44 (0)20 3757 4992
Billy Clegg
Georgia Mann
This information is provided by RNS
The company news service from the London Stock Exchange
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