25 Sep 2018 12:47
25 September 2018
Great Eastern Energy Corporation Limited
("Great Eastern" or "the Company")
Report on payments to the Government for the financial year ended March 31, 2018
Introduction
This report sets out detail of payments made to the Government by the Company for the financial year ended March 31, 2018 as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (DTRs). The DTRs applies to companies whose securities are listed on the UK regulated stock market and requires these companies to publicly disclose payments made to the Government in the countries where they undertake exploration, prospection, development, and extraction of oil and natural gas deposits or other materials.
Basis for preparation
Total payments below £86,000 (€100,000) made to the Government are excluded from this report as permitted under the Report on Payments to Government Regulations 2014.
Royalty and Production Level Payments
Pursuant to the Coal Bed Methane (CBM) Contract for the Raniganj (South) block, the Company is paying royalty at the rate of 10% of sale value at the well head to the Treasury, Government of West Bengal. Production Level Payment is paid at the rate of 2.5% of sale value at the well head to the Ministry of Petroleum and Natural Gas, Government of India.
Exchange Rate
Relevant payments are made by the Company in Indian Rupees and for the purpose of this report are translated into US$ based on the foreign exchange rate as on March 31, 2018.
Payments to the Government for the Raniganj (South) block for the financial year ended March 31, 2018 are as follows:
1. Royalty - US$ 2,350,713
2. Production Level Payment - US$ 587,678
3. Income Tax - US$ 461,221
About the Company
A fully integrated gas production, development and exploration Company in India. Gas is being produced from the Raniganj (South) block in West Bengal, which covers 210 sq. km with 2.62 TCF of Original Gas-in-Place. The Company's second license is the Mannargudi block in Tamil Nadu, which covers 667 sq. km with 0.98 TCF of Original Gas-in-Place.
www.geecl.com
For further information please contact:
Great Eastern Energy
Yogendra Kr. Modi Executive Chairman +44 20 7614 5917
Prashant Modi Managing Director & CEO
Arden Partners
Steve Douglas +44 20 7614 5900
Paul Shackleton