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Operational update

10 Sep 2012 07:00

RNS Number : 8321L

Great Eastern Energy Corp Ltd

10 September 2012

Great Eastern Energy Corporation Limited

("Great Eastern" or "the Company")

Operational update

Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal Bed Methane (CBM) company, is pleased to provide the following operational update:

Raniganj (South) Block:

·; Production currently running at 11.2 mmscfd (25 June 2012, 9.8 mmscfd) up 14.3%

·; A total of 128 wells drilled to date; including 29 deviated wells (25 June 2012, 121 wells)

·; 111 wells fractured (25 June 2012, 98 wells)

·; 11 deviated wells producing gas

Outlook:

·; On track to achieve our target of 40 wells per year

·; Confident of meeting market expectations

·; Routine approvals still pending to commence work on Mannargudi Block

·; ONGC has now decided to withdraw the farm-out process that it begun for four of its CBM blocks earlier this year, and informed Great Eastern that "the farm-out process needs to be carried out afresh."

Prashant Modi, President and COO of Great Eastern, said:

"Great Eastern continues to make good progress. Deployment of the second rig at Raniganj is accelerating fracturing, production is increasing as planned, and we are on track to achieve our target of completing 40 wells per year."

For further information please contact:

Great Eastern Energy
Yogendra Kr. Modi	Chairman & CEO	+44 (0)20 7337 1516
Prashant Modi	President & COO

Arden Partners plc
Richard Day		+44 (0)20 7614 5917
Adrian Trimmings

Goldman Sachs International
James Anderson		+44 (0) 20 7774 1000

M: Communications
Ann-marie Wilkinson		+44 (0) 20 7920 2344

Andrew Benbow

This information is provided by RNS

The company news service from the London Stock Exchange

END

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