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Start of Trading on AIM

13 Dec 2005 08:00

Great Eastern Energy Corp PLC13 December 2005 Not for release, publication or distribution, directly or indirectly, in or into the United States of America PRESS RELEASE 13th December 2005 GREAT EASTERN ENERGY CORPORATION COMMENCEMENT OF DEALINGS IN THE COMPANY'S GDRs ON AIM, A MARKET OF THE LONDON STOCK EXCHANGE Great Eastern Energy Corporation Ltd ("Great Eastern Energy" or "the company"),a company incorporated to explore, develop, distribute and market Coal BedMethane ("CBM") in India, announces the commencement of dealings today of itsGlobal Depositary Receipts ("GDRs") on AIM, a market of the London StockExchange. This follows a successful fund-raising by the company of £12.1m and aplacing of a further £6.9m of GDRs by existing shareholders, both at a price of101 pence per GDR. Great Eastern Energy is the first Indian company to issue its securities on AIM.Each GDR represents 5 ordinary shares in the Company. Great Eastern Energy willtrade under the symbol "GEEC". Arden Partners is acting as the company's Nominated Adviser and Broker. Mr Y.K. Modi, Chairman and Managing Director of Great Eastern Energy, said: "We appreciate the strong support that we have received from institutionalinvestors during our IPO and are delighted to be joining AIM. The successfuloffer of our GDR's will provide Great Eastern Energy with the funds necessary tobegin developing the first 20 wells in the company's plan to become a supplierof Coal Bed Methane in West Bengal, India." For further information, contact: Great Eastern Energy Company Ltd (00 91 124 258 0465) Yogendra Modi - Executive Chairman and Managing Director Prashant Modi - Executive Joint Managing Director Arden Partners (020 7398 1632) NOMAD and Broker Richard Day/Steve Pearce Simmons & Company International Limited (01224 202 300) Co Distributor Neil Hartley/Anoop Poddar Citigate Dewe Rogerson (020 7638 9571) Media: Martin Jackson/George Cazenove Analysts: Nina Soon GREAT EASTERN ENERGY CORPORATION Notes to editors Introduction Great Eastern Energy is amongst the first of its kind in India to be involvedwith CBM. Mr Yogendra Kr Modi is Executive Chairman and Managing Director andMr Prashant Modi is Executive Joint Managing Director of Great Eastern Energy. Coal Bed Methane CBM in the most part is held in place by water pressure. Extracting it involvesdrilling shallow wells into the coal seam, perforating and then fracturing thecoal seams to increase porosity. Water is then pumped out of the coal seam to asufficiently low pressure to allow the gas to desorb and flow into the wells. A key advantage of CBM is that there is little or no exploration risk as moderntechniques can identify coal beds and the gases that lie within. However, thecomplexities of fracturing coal seams and completion of the wells requiresconsiderable expertise in order to achieve and maintain acceptable flow rates.This expertise is available from various oil and gas service companies. Assets The company has been granted a block of approximately 210 km2 in the Raniganjcoalfields of the Damodar Valley in West Bengal for the exploration andproduction of CBM under a production sharing agreement with the Indian Ministryof Petroleum and Natural Gas. The block is located approximately 200 km north-west of Kolkata and is locatedin an industrialised region of Damodar Valley in West Bengal. The region isserved by a national highway and mainline railways. The Raniganj coalfield is the largest high grade coalfield in a fault systemknown as Gondwana Basin. Individual coal seams from this coalfield range inthickness from less than 1 metre to more than 5 meters and reach a cumulativethickness of more than 50 meters. Market The Indian economy's demand for energy resources is high. Less than 30% ofcrude oil demand is satisfied by domestic production and the country's firstever imports of liquified natural gas commenced in February 2004. Reserves Great Eastern Energy has drilled three pilot production wells in the Surajnagararea, southwest of Asansol. The three wells were completed successfully, withall wells drilled, cased, cemented, logged, perforated and fractured. From thecore well samples Schlumberger has estimated that the total gas-in-place inGreat Eastern Energy's licence area is approximately 1.386 tcf. The desorption tests carried out on the pilot wells showed a CBM content rangeof up to 426 standard cubic feet ("scf") per tonne of coal (with an averagearound 250 scf per tonne). Strategy To date, 3 pilot wells have been drilled and the company expects the drilling ofa further 20 wells to commence during the first quarter of 2006. Thedevelopment plan for the project involves drilling 100 wells over an estimatedfour year period. Sales from the original 3 pilot wells is expected to start during the firstquarter of 2006. Use of Proceeds of the Placing The net proceeds of the Placing will be used to fund infrastructure projects andto develop the first 20 wells of the company's development plan. The directorsof Great Eastern Energy also believe that listing on AIM will raise theCompany's profile, allow access to capital markets and diversify its investorbase. This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
21st Apr 20237:00 amRNSCancellation of Listing
3rd Apr 20237:00 amRNSGlobal Depository Receipts
20th Mar 20237:00 amRNSNotice of Intention to Delist
7th Nov 20227:00 amRNSHalf Year Results
11th Oct 20227:00 amRNSNotice of Interim Results
27th Sep 20227:00 amRNSResult of AGM
24th Aug 20227:00 amRNSAnnual General Meeting
8th Jul 20227:05 amRNSFull Year Results Year ended 31 March 2022
8th Jul 20227:00 amRNSCompetent Persons Report
7th Jul 20227:00 amRNSEnvironmental, Social and Governance Report
27th Jun 20227:00 amRNSNotification of full year results
23rd Jun 20227:00 amRNSShale Exploration Programme
11th Nov 20217:00 amRNSHalf Year Results
20th Oct 20219:26 amRNSNotice of Interim Results
29th Sep 20219:19 amRNSResult of AGM
21st Sep 202111:05 amRNSSecond Price Monitoring Extn
21st Sep 202111:00 amRNSPrice Monitoring Extension
2nd Sep 20217:00 amRNSNotice of AGM
14th Jul 20217:00 amRNSFull Year Results for Year ended 31 March 2021
6th Jul 20218:32 amRNSNotification of full year results
24th Feb 20214:41 pmRNSSecond Price Monitoring Extn
24th Feb 20214:36 pmRNSPrice Monitoring Extension
24th Feb 202111:06 amRNSSecond Price Monitoring Extn
24th Feb 202111:00 amRNSPrice Monitoring Extension
19th Feb 20212:06 pmRNSSecond Price Monitoring Extn
19th Feb 20212:00 pmRNSPrice Monitoring Extension
16th Nov 20207:00 amRNSDirectors’ Dealing
11th Nov 20207:00 amRNSHalf Year Results
21st Oct 20208:22 amRNSNotice of Interim Results
14th Sep 20209:16 amRNSResult of AGM
2nd Sep 20207:00 amRNSReport on Payments to Government
12th Aug 20207:00 amRNSNotice of AGM
15th Jul 20207:00 amRNSCOVID-19 Update
12th Jun 20203:03 pmRNSDirectors' Dealing
2nd Jun 20207:00 amRNSFull Year Results Year ended 31 March 2020
21st Nov 20193:17 pmRNSDirectors' Dealing
14th Nov 201910:12 amRNSDirectors' Dealing
8th Nov 20198:19 amRNSDirectors' Dealing
7th Nov 20197:00 amRNSHalf Year Results
18th Oct 20192:05 pmRNSSecond Price Monitoring Extn
18th Oct 20192:00 pmRNSPrice Monitoring Extension
10th Oct 201912:20 pmRNSNotice of Interim Results
10th Oct 20197:00 amRNSBroker Appointment
17th Sep 20199:30 amRNSResult of AGM
23rd Aug 201911:00 amRNSReport on Payments to Government
22nd Aug 201912:45 pmRNSNotice of AGM
14th May 20197:00 amRNSFinal Results
17th Apr 201910:44 amRNSNotice of Results
29th Nov 20187:00 amRNSHalf-year Results
15th Nov 20187:00 amRNSShale Gas Resources update

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