Great Eastern Energy Corp Ltd. GDR (GEEC)

Sector:

Energy Producers

25.50p
   
  • Change Today:
      1.00p
  • 52 Week High: 26.00p
  • 52 Week Low: 24.50p
  • Currency: UK Pounds
  • Shares Issued: 119.12m
  • Volume: 15,500
  • Market Cap: £30.38m
  • RiskGrade: 309

Great Eastern Energy unveils positive reserve results for Raniganj

Date: Monday 18 Mar 2013

LONDON (ShareCast) - Great Eastern Energy Corporation, the Indian Coal Bed Methane company has announced an increase in its reserve numbers at the Raniganj (South) Block, as provided by independent reserve engineers Advance Resources International.

The company announced that original-gas-in-place increased 2% to 2.40trn cubic feet (TCF) from 2.35 TCF in May 2012.

Proved, probable and possible reserves (3P) increased 7% to 277bn cubic feet (BCF) from 258BCF in May 2012.

The company also reported that a total of 144 wells had been drilled, including 45 deviated wells. It said it is on track to complete 40 wells per year.

Prashant Modi, President and Chief Operating Officer of Great Eastern, said: "This original-gas-in-place and reserves upgrade is further confirmation of the resource potential of the Raniganj Block.

"Operational progress is continuing as planned, and we remain on track to achieve our projected exit production. With continued interest from major new industrial customers reaffirming the attractive supply/demand balance for gas in India, from which we are exceptionally positioned to benefit, we are well set to deliver on our growth potential."

Original gas in place is the quantity of gas that is estimated to exist originally in naturally occurring accumulations.

Great Eastern Energy is focused on the monetisation of natural gas from coal seams. It is a vertically integrated gas supplier and is connected to customers in the Raniganj (South) bliock by an owened and operated pipeline network.

MF

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

GEEC Market Data

Currency UK Pounds
Price 25.50p
Change Today 1.00p
% Change 4.08 %
52 Week High 26.00p
52 Week Low 24.50p
Volume 15,500
Shares Issued 119.12m
Market Cap £30.38m
RiskGrade 309

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Trades for 03-Dec-2021

Time Volume / Share Price
16:18 5,000 @ 26.00p
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15:08 500 @ 25.97p
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