3 Aug 2017 07:00
3 August 2017
Great Eastern Energy Corporation Limited
("Great Eastern" or "the Company")
Gas Sale and Purchase Agreement
Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal Bed Methane (CBM) Company, is pleased to announce that, further to the announcement in November 2016 wherein a "Heads of Agreement" was signed with a customer, it has now entered into a gas sale and purchase agreement (GSPA) with the customer for supplying over 10 mmscfd of gas from 31 August 2017. The customer's peak requirement is expected to be ~100 mmscfd.
Prashant Modi, Managing Director & CEO of Great Eastern, said:
"We are delighted to finally execute this GSPA albeit with some delays. This is another significant milestone for us and reaffirms the increasing demand in the area."
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. Gas is being produced (Coal Bed Methane gas) from the Raniganj (South) license area, which covers 210 sq. km, with 2.62 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.
For further information please visit www.geecl.com
For further information please contact:
Great Eastern Energy
Yogendra Kr. Modi Executive Chairman +44 (0)20 7614 5917
Prashant Modi Managing Director & CEO
Arden Partners
Steve Dougles +44 (0)20 7614 5900
William Vandyk