REG - Great Eastern Energy - Shale Exploration Programme

Great Eastern EnergyAnnouncement

23/06/2022 07:01

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RNS Number : 8253P  Great Eastern Energy Corp Ltd  23 June 2022

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(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
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23 June 2022

 

Great Eastern Energy Corporation Limited

("Great Eastern" or "the Company")

 Shale Exploration Programme

 

Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated,
pioneering Indian Coal Bed Methane ("CBM") Company, is pleased to announce
that it has executed an amendment to its Petroleum Mining Lease ("PML") and
will now progress with its shale exploration program ("Shale Programme").

 

Prashant Modi, Managing Director & CEO of Great Eastern, said:

 

"We are thrilled to achieve this significant milestone by executing an
amendment to our PML and will now commence our Shale Programme.  Given the
large potential Shale Gas resource in our Raniganj (South) block of up to 6.63
TCF of original gas in place, it provides an exciting and excellent growth
opportunity for the Company.

 

The GAIL pipeline installation is progressing well and offers the Company an
ability to deliver additional future production volumes to new customers and
markets and, coupled with the increasing demand for natural gas both in India
and globally and the Shale Programme, all provide support for the overall
growth strategy and vision of the Company.

 

We will now make plans for the initial core wells in the Shale Program and,
based on the results obtained, we will then progress to a development plan to
drill pilot production wells.

 

Our QHSE and CSR policies along with our commitment to sustainable practices
all help us provide an alternative and cleaner source of energy to our
customers that improves the air quality of the region and contributes towards
the reduction of greenhouse gas emissions.  We believe our sustainable
policies and philanthropic activities allow the integration of social and
business goals that will help us secure an ongoing competitive advantage in
the longer term."

 

 

 For further information please contact:

 Great Eastern Energy Corporation Limited      www.geecl.com (http://www.geecl.com)

 Yogendra Kr. Modi      Executive Chairman                                           +44 (0) 20 3470 0470
 Prashant Modi          Managing Director & CEO
 Jonathan Keeling       VP - Investor Relations                                      +44 (0) 7717 559 522

 SP Angel Corporate Finance LLP                                                      +44 (0) 20 3470 0470

 Rob Rees
 Richard Hail
 Caroline Rowe

 

About the Company

 

A fully integrated gas production, development, and exploration Company in
India. Gas is being produced from the Raniganj (South) block in West Bengal,
which covers 210 sq. km with 9.25 TCF of Original Gas-in-Place.  The
Company's second license is the Mannargudi block in Tamil Nadu, which covers
667 sq. km with 0.98 TCF of Original Gas-in-Place.

 

 

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