Great Eastern Energy unveils positive reserve results for Raniganj

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.

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

Recommended

How to profit from India’s high-tech recovery
Share tips

How to profit from India’s high-tech recovery

Professional investor David Cornell of the India Capital Growth Fund, selects three of his favourite Indian stocks to buy now.
27 Sep 2021
Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
What really causes inflation? Here’s what prices since 1970 tell us
Inflation

What really causes inflation? Here’s what prices since 1970 tell us

As UK inflation hits 3.2%, Dominic Frisby compares the cost of living 50 years ago with that of today, and explains how debt drives prices higher.
15 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021