With the successful placement of its GDR’s, each representing 5 ordinary shares of the company, GEECL has become the first-ever Indian company, based in West Bengal, to have its securities listed at AIM, London Stock Exchange. With this placing, GEECL has raised approximately $20 million to fund its 20 production wells in its first 100 wells program.
Sharing the future plans for GEECL, Mr. Y.K. Modi, Chairman and Managing Director, GEECL said, “We are delighted to share that the path, which we at GEECL had envisioned for the Carbon Bed Methane energy revolution, is achieving the desired milestones. The international investor community is excited with this project and we have received immense support for our GDR listing at AIM, London Stock Exchange. Our Indian lawyers for the listing, Khaitan & Co. worked seamlessly with our UK Solicitors - Olswang, our reporting accountants: Ernst & Young and our nominated advisor: Arden Partners, to make this pioneering issue possible. We assure our whole-hearted commitment to this project as we cover our journey of building 100 wells over next four years and usher a new energy era in India.”
Great Eastern Energy Corporation has entered into production sharing contract for Carbon Bed Methane (CBM) over an area of 210 square kilometres at Raniganj coalfields (Damodar Valley, West Bengal) with Ministry of Petroleum & Natural Gas (originally with Coal India Limited). After a detailed evaluation report, undertaken by Schlumberger, the total CBM reserves at Raniganj are estimated to be approximately 1.385 trillion cubic feet TCF).
Speaking on the occasion, Mr. Prashant Modi, Joint Managing Director, GEECL said, “We are currently into assessment and market development phase of this project and the potential exceeds the international norms. We have successfully drilled three pilot production wells at Surajnagar area and have also entered into a tie-up with a compressed natural gas supplier to purchase the CBM gas from these three wells at pre-determined prices.” He further added, “With the nation requiring higher energy sources to sustain its development pace, we are confident that CBM will be the energy source for the future generations.”
GEECL has also identified potential local consumers to whom gas could be supplied, once the first production wells are producing gas. These include two steel plants and four power stations, which could be accessed by relatively short pipelines.
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