20 Apr 2009 07:00
Great Eastern Energy Corporation Limited ("Great Eastern Energy" or "Company")
Commissioning of Second 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 it has successfully commissioned its second natural gas pipeline extending 12.35 km from its Central Gathering Station in Asansol to Kulti, West Bengal. This is the Company's second Coal Bed Methane ("CBM") gas pipeline and will be part of a vertically integrated network consisting of drilling, production, compression transportation, and distribution services.
This 12" steel 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, Asansol, Neamatpur, and Kulti area.
Prashant Modi, President and Chief Operating Officer, Great Eastern Energy, commented:
"Great Eastern Energy is delighted to commission its second trunk pipeline connecting its Central Gathering Station to Kulti, thus achieving another milestone in the construction of its pipelines and midstream infrastructure."
As of January 27, 2009, the Company had laid 31.97 km of the MDPE pipeline within its license area, connecting 22 wells to the Gas Gathering station. A contract for connecting the other wells has been finalized and work is expected to start within the next three weeks.
The Company has also laid 24.27 km of the steel pipeline, as on April 15, 2009, which connects the Central Gathering Station in Asansol to Durgapur through the towns of Nigha and Raniganj. The pipeline upto Nigha is nearing completion and partial testing of the same has commenced.
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.
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
RBC Capital Markets
Sarah Wharry +44 (0) 20 7653 4667
Pelham Public Relations
Philip Dennis +44 (0)20 7343 6363