LONDON (Alliance News) - Indian coal-bed methane company Great Eastern Energy Corp Ltd on Wednesday said it has received a significant upgrade to the reserves at the Raniganj licence area in West Bengal.
Great Eastern said the proved reserves estimate for the site has been increased to 259.1 billion cubic feet, from 77.9 cubic feet previously. Proved and probable reserves increased to 442.7 billion cubic feet from 186.7 cubic feet, while proved, probable and possible reserves have been increased to 543.4 billion cubic feet, from 289.6 cubic feet.
All the previous estimates were from December 31, while the new ones are as of May 31.
"We are delighted that we are delivering on our strategy of optimising production from existing wells and continuing to build on our resource potential," said President and Chief Operating Officer Prashant Modi.
Shares in Great Eastern were untraded on Wednesday, having last traded at 55.00 pence.
By Sam Unsted; email@example.com; @SamUAtAlliance
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