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11 May 2015 07:00
11 May 2015
Great Eastern Energy Corporation Limited
("Great Eastern" or "the Company")
Directors' Dealing
The Company announces that Mr. Yogendra Kr. Modi, Chairman & CEO and Mr. Prashant Modi, President & COO of Great Eastern purchased, through YKM Holdings International Ltd., 2,462,504 GDRs at 25p each on 7 May 2015 in the Company (each representing 0.5 underlying Ordinary share of INR 10 each).
Following this purchase, Mr. Yogendra Kr. Modi and Mr. Prashant Modi, have a beneficial family interest of 73,591,338 GDRs in the Company, representing approximately 61.78% of the total issued share capital of the Company.
About the Company
The Company is a fully integrated gas production, development and exploration company in India, providing gas to the growing industrial region of West Bengal, where there is a structural shortage of gas. Gas is being produced (Coal-Bed Methane gas) from the Raniganj (South) license area, which covers 210 sq. km, with 2.44 TCF of Gas-in-Place.
The Company's second asset is the Mannargudi license situated in the state of Tamil Nadu in India, which covers an area of 667 sq. km and 0.98 TCF Gas-in-Place.
In the six months to 30 September 2014, the Company increased its turnover by 21% to US$19.45m, EBITDA by 14% to US$12.97m and cash generation by 23% to US$10.77m.
For further information please visit www.geecl.com
For further information please contact:
Great Eastern Energy
Yogendra Kr. Modi Chairman & CEO +44 (0)20 7614 5917
Prashant Modi President & COO
Arden Partners
Richard Day +44 (0)20 7614 5900
James Felix
Camarco
Ginny Pulbrook +44 (0)20 3757 4980
Billy Clegg
Georgia Mann
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