13 Aug 2009 07:00
August 13, 2009
Great Eastern Energy Corporation Limited
Pipeline Progress
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 it has successfully laid 51.45 Km out of a total of 52.92 Km of its Asansol - Durgapur pipeline. Out of this 22.92 Km (Asansol - Raniganj) has been tested and is ready for commissioning.
This is apart from the two pipelines previously commissioned and announced; 11.8 km from the Gas Gathering Station (GGS) to the Central Gathering Station (CGS) and 12.35 km from CGS to Kulti. The total pipeline network will entail 75.07 km, out of which the balance to be laid is 1.47 km.
The pipeline system, which is capable of carrying up to 35MMscfd 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 pipeline from Asansol to Durgapur opens up a substantial new market for Great Eastern Energy and, along with the remainder of the pipeline network, paves the way for the Company to build on its already established customer base. With the production potential of the license no longer in question the balance 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.
For Further Information:
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 7343 6363