External Commercial Borrowing ("ECB") Facility

THIS ANNOUNCEMENT REPLACES THE EARLIER VERSION OF THIS ANNOUNCEMENT (RNS 1427Z) RELEASED AT 7.00 AM THIS MORNING. AN INCORRECT DRAFT WAS RELEASED. THE FULL CORRECT TEXT APPEARS BELOW.

10 January 2011

Great Eastern Energy Corporation Limited

("Great Eastern" or the "Company")

External Commercial Borrowing ("ECB") Facility for Euro 36.5 Million

Great Eastern Energy Corporation Limited ("Great Eastern" or "the Company"), a company involved in the exploration, development and production of Coal Bed Methane in India, is pleased to announce that it has signed a Facility Agreement with ICICI Bank Limited, Bahrain branch for providing an ECB facility of Euro 36.5 million (~ US$ 47.80 million) at a floating rate with spread of 390 bps above the 6 months Euribor with a door to door tenure of 8 years (average maturity period of 6.10 years).

The Company has drawndown ~ US$ 29 million which has been parked in fixed deposits and being used for capital related expenses.

With the infusion of this ECB facility, the total drawn facilities by the company, including the existing rupee term loan, is ~ US$ 85 million.

Prashant Modi, President & COO of Great Eastern, commented:

"Securing this additional debt facility from a world class institution is another validation of the Company's inherent strength. It provides the Company with sufficient funds and headroom to continue to progress its operational plans on both of its blocks in India over the next year. The Company remains in a strong position with growing revenues from increasing gas sales."

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