GEEC.L Regulatory News (GEEC)

19 October 2015

Great Eastern Energy Corporation Limited

("Great Eastern" or "the Company")

Trading Update

Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal Bed Methane (CBM) company, announces that demand from Raniganj (South) remains strong, with the Company in discussion with several new potential large customers for off take agreements. However, owing to operational issues at one of its largest customer's plants, the Board expects earnings for the six month period ending September 2015 to be below market expectations.

The Company has been informed by the customer that its respective OEM (original equipment manufacturer) personnel are now currently on site to resolve these issues, and that works to remedy the problem should be completed by the end of next month; this despite the customer in question having invested around US$ 3 billion in setting up a new plant alongside its existing plant.

This is a short term setback as production continues to increase and the Board remains confident for the future.

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. Gas is being produced (Coal-Bed Methane gas) from the Raniganj (South) license area, which covers 210 sq. km, with 2.62 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 year ended as on 31 March 2015, the Company increased its turnover by 9% to US$ 37.46m, EBITDA by 4% to US$ 24.80m and cash generation by 13% to US$ 20.21m.

For further information please visit www.geecl.com

For further information please contact:

Great Eastern Energy

Yogendra Kr. Modi Executive Chairman +44 (0)20 7614 5917

Prashant Modi Managing Director & CEO

Arden Partners

James Felix +44 (0)20 7614 5900

Ciaran Walsh

Camarco  

Ginny Pulbrook +44 (0)20 3757 4992

Billy Clegg

Georgia Mann