NEW DELHI, India-Friday 16 November
2018 [ AETOS Wire
]
(BUSINESS WIRE)--
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:
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Classification
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Category
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SHALE
Resources (TCF) |
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CBM
Resources (TCF) |
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Total
Resources
(TCF) |
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Original-Gas-In-Place
(“OGIP”) |
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Low
Estimate
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1.40
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2.62
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4.02
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Best
Estimate
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3.51
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6.13
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High
Estimate
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6.63
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9.25
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Classification
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Resource
Type
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Category
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Gross
Recoverable Gas
(BCF) |
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Total
Future Net Revenues
($ Million) |
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Undiscounted
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Discounted
at
10% per annum |
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Reserves
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CBM
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1P
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336.00
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$2,037.00
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$675.50
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2P
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510.80
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$3,073.00
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$965.90
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3P
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594.70
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$3,535.10
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$1,076.70
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Contingent
Resources
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CBM
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1C
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397.10
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$2,463.90
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$253.20
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2C
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600.30
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$3,786.80
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$385.20
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3C
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704.40
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$4,464.40
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$448.70
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Prospective
Resources
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SHALE
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1U
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347.20
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$1,250.10
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$764.00
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2U
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883.00
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$3,118.50
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$1730.90
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3U
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1,689.30
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$5,775.50
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$2,782.90
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- 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.”
Contacts
Adfactors PR
Aabhas Pandya
aabhas.pandya@adfactorspr.com
Aabhas Pandya
aabhas.pandya@adfactorspr.com
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