28 Jan 2009 13:13
28 January 2009
Great Eastern Energy Corporation Limited
("Great Eastern Energy" or "Company")
Commissioning of First Pipeline
Great Eastern Energy Corporation Limited, a company involved in the exploration, development and production of coal bed methane in India, is pleased to announce that today, it has successfully commissioned its first natural gas pipeline extending 11.8 km from its Gas Gathering Station to its Central Gathering Station in Asansol, West Bengal. This is the Company's first CBM (Coal Bed Methane) gas pipeline and will be part of a vertically integrated network consisting of drilling, production, compression transportation and distribution services.
This 12" pipeline is capable of carrying one (1) mmscmd of gas at 15 bar and will be catering to the requirements of customers in the Burnpur and Asansol area. This trunk pipeline can also feed other pipelines connecting Kulti, towards the west, and Durgapur, in the east.
Prashant Modi, President and Chief Operating Officer, Great Eastern Energy, commented:
"Great Eastern Energy is delighted to commission its first trunk pipeline connecting its Gas Gathering Station to its Central Gathering Station, thus achieving a milestone in the construction of its pipelines".
On the pipeline front, the Company observed that as on January 27, 2009 it had laid 31.97 km of the MDPE pipeline, which connects 22 wells to the Gas Gathering station. The Company had also laid 11.82 km of the steel pipeline as on January 27, 2009, which connects the Central Gathering Station to Kulti, and is nearing completion. The Company has received the Rights of use (ROU) from National Highways Authority of India for laying the pipeline from Asansol to Durgapur, a stretch of 57 kms, and has also started laying the pipeline on that route.
Disclaimer
Great Eastern Energy Corporation Limited is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed its Draft Red Herring Prospectus ("DRHP") with the Securities & Exchange Board of India ("SEBI").
This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any equity shares, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any potential investor should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the DRHP filed with the SEBI including the section titled "Risk Factors". The Equity Shares of the Company have not been and will not be registered under the U.S. Securities Act 1933, as amended or any state securities laws in the United States. This announcement may not be released in the United States.
This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.
-ENDS-
For Further Information:
Great Eastern Energy
YK Modi Chairman & CEO +44 (0)20 7743 6363
Prashant Modi President & COO
Arden Partners
Richard Day +44 (0)20 7398 1632
Adrian Trimmings
Pelham Public Relations
Philip Dennis +44 (0)20 7343 6363