13 Mar 2014 07:00
March 13, 2014
Great Eastern Energy Corporation Limited
("Great Eastern" or "the Company")
OGIP, Reserves upgrade
Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal Bed Methane (CBM) company is pleased to announce an increase in its reserve numbers at the Raniganj (South) Block ("Block"), as provided by independent reserve engineers Advance Resources International, Inc. (ARI) on March 11, 2014.
· Original-Gas-In-Place (OGIP) increased 1.70% to 2.44 TCF (from 2.40 TCF as at February 2013)
· Proved reserves (1P) increased 45.40% to 77.90 BCF (from 53.60 BCF as at February 2013)
· Proved, and Probable reserves (2P) increased 34% to 186.70 BCF (from 139.30 BCF as at February 2013)
· Proved, Probable, and Possible reserves (3P) increased 4.60% to 289.60 BCF (from 276.80 BCF as at February 2013)
Reserve Classification System | As on 28-Feb-2013 (Gross) | As on 31-Dec-2013 (Gross) | % Change | |
Reserves (BCF) | 1P | 53.60 | 77.90 | 45.40% |
2P | 139.30 | 186.70 | 34.00% | |
3P | 276.80 | 289.60 | 4.60% | |
Contingent Resources (BCF) | 1C | 76.40 | 91.60 | 19.80% |
2C | 178.60 | 257.30 | 44.10% | |
3C | 372.30 | 424.10 | 13.90% | |
Prospective Resources (BCF) | Best Estimation | 25.50 | - | |
OGIP (TCF) | Best Estimation | 2.40 | 2.44 | 1.70% |
Some of the Contingent Resources have been upgraded to 3P with the development of the block. Part of the 3P reserves were upgraded to 2P, and part of the 2P reserves were further upgraded to 1P, since the wells coming on production are largely located within the area of the existing 3P reserves.
Based on additional production data and further exploration carried out in the southern portion of the Block, all previously classified Prospective Resources were upgraded to Contingent Resources. Furthermore, part of the 3C resources were upgraded to 2C, and part of the 2C resources were upgraded to 1C.
Commenting Prashant Modi, President and COO of Great Eastern said:
"This OGIP, resource, and reserves upgrade is further confirmation of the resource potential of the Raniganj (South) Block. Continued interest from major new industrial customers also reaffirms the attractive supply/demand balance for gas in India, which we are well positioned to deliver."
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For Further Information please contact:
Great Eastern Energy
Yogendra Kr. Modi Chairman & CEO +44 (0)20 7614 5917
Prashant Modi President & COO
Goldman Sachs International
Alastair Maxwell +44 (0)20 7774 1000
Duncan Stewart
Arden Partners
Richard Day +44 (0)20 7614 5917
Katelin Kennish
Macquarie Capital (Europe) Limited
Steve Baldwin +44 (0)20 3037 2362
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Explanatory Notes: Reserves are those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward. Contingent resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from known accumulations. Prospective Resources are those quantities of petroleum estimated, as of given date, to be potentially recoverable from undiscovered accumulations by applications of future development projects. |
Notes to Editors
Advance Resources International, Inc. (ARI) is a leading, recognized independent petroleum evaluators with substantial international experience. They have conducted this assessment in accordance with the classification guidelines set out in the Society of Petroleum Engineer's Petroleum Resource Management System (SPE, PRMS).