Great Eastern Energy Corporation to Venture into Shale Gas Exploration
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:
Gross Recoverable Gas
Total Future Net Revenues
- 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 up to 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.”
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her, og modtag pressemeddelelser på e-mail. Indtast din e-mail, klik på abonner, og følg instruktionerne i den udsendte e-mail.
Flere pressemeddelelser fra Business Wire
WORKIVA17.5.2019 14:02:08 CEST | Pressemeddelelse
Workiva Named Best-In-Class Cloud Service Provider at UK Cloud Awards
NOVAREMED17.5.2019 12:15:13 CEST | Pressemeddelelse
Novaremed Presents Top-Line Results from Phase 2a Diabetic Neuropathic Pain Study of NRD.E1 at NeuPSIG 2019
WIN-CONSORTIUM17.5.2019 11:40:10 CEST | Pressemeddelelse
WIN 2019 Symposium: WINnovation and Global Deployment of Precision Oncology
NY-CORSEARCH17.5.2019 10:02:09 CEST | Pressemeddelelse
Corsearch Acquires Principium Trademark Watch and Domain Services Businesses
CNT-MANAGEMENT-CONSULT17.5.2019 10:02:09 CEST | Pressemeddelelse
CNT Among SAP’s "Best of the Best"
EVER-PHARMA17.5.2019 08:50:05 CEST | Pressemeddelelse
EVER Pharma acquires Amneal Deutschland GmbH and extends its commercial presence in Europe
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter samt finde vores kontaktoplysninger.Besøg vores nyhedsrum