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Company Name : Great Eastern Energy Corporation Limited

Friday, November 16, 2018 11:00AM IST (5:30AM GMT)

LSE:GEEC(LSE:GEEC)

Great Eastern Energy Corporation to Venture Into Shale Gas Exploration


New Delhi, Delhi, India

Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal Bed Methane (“CBM”) Company, today announced an upgrade in its resources at its Raniganj (South) block, which has been provided by the independent reserve engineers, Advance Resources International, Inc. (“ARI”).
 
The Government of India has permitted exploration and exploitation of all types of hydrocarbons including shale resources under the existing CBM Contracts.
 
ARI has made the following assessment of the CBM and Shale resources in the Raniganj (South) block:
 

Classification Category SHALE Resources
(TCF)
CBM Resources
(TCF)
Total Resources
(TCF)
Original-Gas-In-Place
(“OGIP”)
Low Estimate 1.40 2.62 4.02
Best Estimate 3.51 6.13
High Estimate 6.63 9.25
 
Classification Resource Type Category Gross Recoverable Gas
(BCF)
Total Future Net Revenues
($ Million)
 
 
Undiscounted Discounted at 10% per annum  
 
Reserves CBM 1P 336.00 $2,037.00 $675.50  
2P 510.80 $3,073.00 $965.90  
3P 594.70 $3,535.10 $1,076.70  
Contingent Resources CBM 1C 397.10 $2,463.90 $253.20  
2C 600.30 $3,786.80 $385.20  
3C 704.40 $4,464.40 $448.70  
Prospective Resources SHALE 1U 347.20 $1,250.10 $764.00  
2U 883.00 $3,118.50 $1730.90  
3U 1,689.30 $5,775.50 $2,782.90  
 
  • OGIP of 6.13 TCF (best estimate) / 9.25 TCF (high estimate)
  • 3P + 3C + 3U is 2,988.40 BCF (2.99 TCF) 
    • Undiscounted value of $13.78 billion 
    • Discounted value of $4.31 billion  
Prashant Modi, Managing Director & CEO of Great Eastern Energy Corporation, said:
 
“We are delighted to report this significant uplift in the OGIP for our Raniganj (South) block of upto 9.25 TCF, with an undiscounted value of $13.78 billion and a discounted value of $4.31 billion.  We believe that the shale gas resources can be explored and developed cost-effectively in tandem with our successful ongoing CBM development program through the sharing of surface and other infrastructure facilities. We are currently planning the initial exploration program for exploiting shale in our block, and will make a further announcement in due course when we commence the same. This is a fantastic opportunity for us to leap to the next level in the unconventional energy space. We continue to be confident and excited about the future of our Raniganj (South) block.
 
We commend the Government of India’s continuing transformational policies for the E&P sector; these will go a long way in attracting investments in the sector, thereby boosting India’s energy security and reducing our dependence on imports.”

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News Summary

Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal Bed Methane (“CBM”) Company, today announced an upgrade in its resources at its Raniganj (South) block, which has been provided by the independent reserve engineers, Advance Resources International, Inc. (“ARI”).