23 Jun 2022 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
23 June 2022
Great Eastern Energy Corporation Limited
("Great Eastern" or "the Company")
Shale Exploration Programme
Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, pioneering Indian Coal Bed Methane ("CBM") Company, is pleased to announce that it has executed an amendment to its Petroleum Mining Lease ("PML") and will now progress with its shale exploration program ("Shale Programme").
Prashant Modi, Managing Director & CEO of Great Eastern, said:
"We are thrilled to achieve this significant milestone by executing an amendment to our PML and will now commence our Shale Programme. Given the large potential Shale Gas resource in our Raniganj (South) block of up to 6.63 TCF of original gas in place, it provides an exciting and excellent growth opportunity for the Company.
The GAIL pipeline installation is progressing well and offers the Company an ability to deliver additional future production volumes to new customers and markets and, coupled with the increasing demand for natural gas both in India and globally and the Shale Programme, all provide support for the overall growth strategy and vision of the Company.
We will now make plans for the initial core wells in the Shale Program and, based on the results obtained, we will then progress to a development plan to drill pilot production wells.
Our QHSE and CSR policies along with our commitment to sustainable practices all help us provide an alternative and cleaner source of energy to our customers that improves the air quality of the region and contributes towards the reduction of greenhouse gas emissions. We believe our sustainable policies and philanthropic activities allow the integration of social and business goals that will help us secure an ongoing competitive advantage in the longer term."
For further information please contact: | |||
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Great Eastern Energy Corporation Limited | www.geecl.com | ||
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Yogendra Kr. Modi | Executive Chairman | +44 (0) 20 3470 0470 | |
Prashant Modi | Managing Director & CEO | ||
Jonathan Keeling | VP - Investor Relations | +44 (0) 7717 559 522 | |
SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 | ||
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Rob Rees | |||
Richard Hail | |||
Caroline Rowe | |||
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 9.25 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.