25 Jun 2012 07:00
25 June 2012
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 as provided by independent reserve engineers Advance Resources International, Inc. (ARI).
·; Increase of 18% in Original-Gas-In-Place (OGIP) to 2.35 TCF from 2 TCF at Raniganj (South) Block
·; Increase of 38% in gross Proven, Probable and Possible reserves (3P) at Raniganj (South) Block from September 2011. This represents a 466% increase from the time that Great Eastern was listed on the main board of the London Stock Exchange in May 2010 (3P numbers reported as on November 2009)
·; On track to achieve target of completing 40 wells per year
Reserve Classification System | As on 30 November 2009 | As on 30 September 2011 | As on 31 May 2012 | % change from November 2009 | % change from September 2011 | ||
Reserves | (BCF) | 2P | 27.82 | 90.12 | 124 | 346% | 38% |
3P | 45.63 | 187.73 | 258.1 | 466% | 38% | ||
Contingent Resources | (BCF) | 2C | 131.76 | 132.5 | 1% | ||
3C | 295.15 | 298.9 | 1% | ||||
Prospective Resources | (BCF) | Best Estimate | 164.56 | 57.1 | 60 | (64)% | 5% |
Original Gas-In-place | (TCF) | Best Estimate | 2 | 2 | 2.35 | 18% | 18% |
Operational Update
Upstream:
·; Production increased to 9.8 mmscfd, up 10% from May 2012
·; A total of 121 wells drilled; including 22 deviated wells (116 wells at 14 May 2012)
·; 98 wells fractured (91 wells at 14 May 2012)
·; 14 core wells drilled so far; 2 more to be drilled this year
Commenting Prashant Modi , President and COO of Great Eastern said:
"This substantial OGIP and reserves upgrade is further confirmation of the resource potential of the Raniganj Block. Operational progress is continuing as planned, and the Company is on track to achieve its target of completing 40 wells per year."
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For further information please contact:
Andrew Benbow | |||||||||||||||||||||||||||||||||||||||||||||||
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.
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Notes to Editors
Advance Resources International, Inc. (ARI) and Netherland Sewell & Associates, Inc. (NSAI), are both 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).