GEEC.L Regulatory News (GEEC)

10 Sep 2009 07:00



September 10, 2009

Great Eastern Energy Corporation Limited

Completion of Pipeline

Great Eastern Energy Corporation Limited ("Great Eastern Energy"), a company involved in the exploration, development and production of coal bed methane in India is pleased to announce that, further to the announcement on August 13, 2009 regarding Pipeline Progress, it has successfully completed laying the entire pipeline on the Asansol-Durgapur sector resulting in a total pipeline of 77.47 km. The Company is currently in the process of testing the remaining section, comprising 30.39 km, from Raniganj - Durgapur. 

The total pipeline of 77.47 km comprises 11.8 km connecting the Gas Gathering Station (GGS) to the Central Gathering Station (CGS); 12.36 km connecting CGS to Kulti, and 53.31 km connecting Asansol (CGS) to Durgapur.

The pipeline system, which is capable of carrying up to 35 mmscfd at 15 bar pressure, is part of a vertically integrated network consisting of drilling, production, compression, transportation and distribution services.

Prashant Modi, President and Chief Operating Officer Great Eastern Energy, commented:

"The completion of the laying of the pipeline from Asansol to Durgapur is a significant milestone achieved by the Company and gives access to new market opportunities for Great Eastern Energy. With the production potential of the license no longer in question the focus of the business has increasingly moved towards sales, marketing, and distribution."

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.

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 7337 1516