18 Mar 2013 07:00
18 March 2013
Great Eastern Energy Corporation Limited
("Great Eastern" or "the Company")
OGIP, Reserves upgrade and operational update
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, as provided by independent reserve engineers Advance Resources International, Inc. (ARI).
·; Original-Gas-In-Place (OGIP) increased 2% to 2.40 TCF (from 2.35 TCF as at May 2012)
·; Proved, Probable and Possible reserves (3P) increased 7% to 277 BCF (from 258 BCF as at May 2012). This represents a 507% increase from the time of Great Eastern's listing on the Main Board of the London Stock Exchange, in May 2010 (3P numbers reported as at November 2009)
Reserve Classification System | As on 31 May 2012 | As on 28 Feb 2013 | % change from May 2012 | ||
Reserves | BCF | 2P | 124 | 139.3 | 12% |
3P | 258.1 | 276.8 | 7% | ||
Contingent Resources | BCF | 2C | 132.5 | 178.6 | 35% |
3C | 298.9 | 372.3 | 25% | ||
Prospective Resources | BCF | Best Estimate | 60.0 | 25.5 | (58%) |
Original Gas-In-Place | TCF | Best Estimate | 2.35 | 2.40 | 2% |
Operational Update
·; A total of 144 wells drilled, including 45 deviated wells
·; 127 wells fractured; 119 dewatering / producing gas
·; On track to complete 40 wells per year
Prashant Modi, President and COO of Great Eastern commented:
"This OGIP and reserves upgrade is further confirmation of the resource potential of the Raniganj Block. Operational progress is continuing as planned, and we remain on track to achieve our projected exit production. With continued interest from major new industrial customers reaffirming the attractive supply/demand balance for gas in India, from which we are exceptionally positioned to benefit, we are well set to deliver on our growth potential."
For further information please contact:
Great Eastern Energy
Yogendra Kr. Modi Chairman & CEO +44 (0)20 7337 1516
Prashant Modi President & COO
Goldman Sachs International
James Anderson +44 (0)20 7774 1000
Arden Partners
Richard Day +44 (0)20 7614 5917
Macquarie Capital (Europe) Limited
Steve Baldwin +44 (0)20 3037 2362
M: Communications
Ann-marie Wilkinson +44 (0)20 7920 2330
Andrew Benbow
Explanatory Notes
Reservesare those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward.
Contingent resourcesare those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from known accumulations.
Prospective Resourcesare those quantities of petroleum estimated, as of given date, to be potentially recoverable from undiscovered accumulations by applications of future development projects.
Original Gas in Placeis that quantity of gas that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of gas that is estimated, as of a given date, to be contained in known accumulations prior to production, plus those estimated quantities in accumulations yet to be discovered.
Notes to Editors
Advance Resources International, Inc. (ARI) is a leading, and 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).