17 Feb 2015 08:57
17 February 2015
Great Eastern Energy Corporation Limited
("Great Eastern" or "the Company")
Resignation of Director
Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated gas production, development and exploration company, announces that Mr. Haigreve Khaitan, non-executive director, has resigned. As a result of his increasingly busy schedule he was going to be unable to devote sufficient time to the role.
The Company appreciates the valuable assistance and guidance provided by Mr. Khaitan during his tenure with the Company.
The Company is in the process of appointing new independent non-executive director(s) and will make a further announcement in this regard.
About the Company
The Company is a fully integrated gas production, development and exploration company in India, providing gas to the growing industrial region of West Bengal, where there is a structural shortage of gas. Gas is being produced (Coal-Bed Methane gas) from the Raniganj (South) licence area, which covers 210 sq. km, with 2.44 TCF of Gas-in-Place.
The Company's second asset is the Mannargudi license situated in the state of Tamil Nadu in India, which covers an area of 667 sq. km and 0.98 TCF Gas-in-Place.
In the six months to 30th September 2014, the Company increased its turnover by 21% to US$19.45m, EBITDA by 14% to US$12.97m and cash generation by 23% to US$10.77m.
For further information please visit www.geecl.com
For further information please contact:
Great Eastern Energy
Yogendra Kr. Modi Chairman & CEO +44 (0)20 7614 5917
Prashant Modi President & COO
Arden Partners
Richard Day +44 (0)20 7614 5900
James Felix
Camarco
Ginny Pulbrook +44 (0)20 3757 4980
Billy Clegg
Georgia Mann