GEEC.L Regulatory News (GEEC)

16 Jul 2007 16:32

Great Eastern Energy Corp Ltd16 July 2007 For Immediate Release: Monday 16th July 2007 Great Eastern Energy Corporation Ltd Results of AGM Great Eastern Energy Corporation Ltd. ('Great Eastern' or 'the Company'), aCompany involved in the exploration, development and production of coal bedmethane (CBM) in India, is pleased to announce that the resolutions proposed atits Annual General Meeting held earlier today were duly approved byshareholders. -ENDS- For further information: Great Eastern EnergyYK Modi Chairman & CEO +44 (0) 20 7743 6673Prashant Modi President & COO Pelham Public RelationsPhilip Dennis +44 (0) 20 7743 6363Hugh Barker Arden PartnersRichard Day +44 (0) 20 7398 1632Steve Pearce About Great Eastern Energy: 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 £176 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 Exchange