Great Eastern Discussion Threads

[krutt] 10/2/2006 13:06

Anyway never mind the others this is doing very nicely thankyou.

[krutt] 10/2/2006 12:11

Flash already in CDE, Bought them and ATI on same day. ATI has performed better!

[flashheart] 09/2/2006 19:50

krutt - if your're looking at ofex oilies theres CDE and HEP also. CDE is definitely moving to AIM sometime in March.

[krutt] 08/2/2006 17:26

Garden boy will definitely take a look thanks.
One for you to look at is ATI oil on OFEX, worth a small punt even though i usually keep clear of OFEX, i'm hopeful of big things here and maybe a listing on AIM in the future

[gardenboy] 08/2/2006 16:33

krutt,

don't know whether it's your sort of stock - but you may like to look at IFL - nobody there yet either !

[krutt] 08/2/2006 16:29

Garden boy thanks for the tip!
Moving up nicely - only a matter of time before they start hitting people's radars.

[gardenboy] 08/2/2006 15:38

well at least the new board member is well connected - also a member of the Board of over 20 other limited companies in India.

[gardenboy] 02/2/2006 17:00

Hi krutt,

I see these as a long term play - whilst doing research I discovered that two Tullow directors had bought in on a private basis so posted info there.

[krutt] 02/2/2006 16:49

This is moving up nicely since i got in last week. Thanks for the tip on the TLW board whoever it was that brought these to my attention.

[Abuse team] 02/2/2006 08:58

Post removed by ADVFN

[gardenboy] 02/2/2006 08:47

Judge,Slap,

if you do see them, I am interested in the position of the Indian shareholders considering they own 4/5 of the company but their shares are not actually listed.

tia

[slapdash] 02/2/2006 08:39

Judge - thanks for that.... I think I may meet with management as well and will keep you posted if I can pull it off.... (no probs on e-mail and I will try to look into your holdings/ideas)... Regards, Slappster

[judge jury] 02/2/2006 01:14

I also have a lot of questions. I have a feeling this is a good company with excellent prospects but normally need to be >90% sure. Management are in London this week and I am trying to get a meeting with them (not always very easy). Hopefully I will be in a more informed position next week.

High market cap, yes. But then these sort of companies are in vogue. Look at VOG/MXP etc.

OT
Seen your comments on ACHL. Kept an eye on it but cant get happy with the corporate governance (doing business in China scares me a bit; much more so than India). Been having fun with the housebuilders (WMPY in particular; about to merge with TWOD I reckon) and the biotechs (OXB/AZM; licensing deals/takeovers are highly likely). Also, CER is now worth a look (been ridiculously risky in the last 6 months but the Russian problem looks like it might get sorted out). TRX may be due a bounce (unfairly punished after the CFO left; 90p is a decent entry point). DCA is just an awesome business (looks expensive on the face of it but set to grow for many years). I also like ATK for solid long term outperformance although its been a bit boring lately. If you're after exposure to the financial sector, check out ICP.

Dont like giving out my email. I do sometimes but only really to send/receive documents (brokers notes etc.).

[slapdash] 02/2/2006 00:53

Judge - done reasonably post Easynet... Asian Citrus, Gresham computing, Powerleague..... but taken bets on Flomerics and Bond International which haven't moved yet.... also bet on Real Good foods yesterday which hopefully should do well...

Hope you are doing well - anything you are seeing exciting at the moment??? What is your e-mail???

ON GEEC - interesting (that everyone is up so late for a start).... I think I will have to research Coal Bed Methane a bit though... also my questoin on the market cap is that if this is an early stage company (which it appears to be no profits/sales etc) why is the cap so high???? But that is as far as my research has gone so far.... will kepp you all posted

Slapper

[gardenboy] 02/2/2006 00:48

yup, you have it !

[judge jury] 02/2/2006 00:47

You're right of course. 18.8m GDRs in issue representing 94m shares. In addition, there are 449.5m shares (equivalent to 89.9m GDRs - although these dont actually exist). So effectively there are 108.7m GDRs (representing 543.5m shares).

[gardenboy] 02/2/2006 00:45

judge,

please see my post 36 above

[judge jury] 02/2/2006 00:42

Hi there Slap. Hope the post-ESY party has been profitable for you.

Done a bit of research on this one. I believe there are 108.7m GDRs in issue so at 139p the market cap is c.£151m.

[gardenboy] 02/2/2006 00:39

approx £140m - though there are only 18m GDR's in issue - 4/5 of the company is held by Indian shareholders

[slapdash] 02/2/2006 00:36

anyone any idea what the market cap is???????

[gardenboy] 01/2/2006 09:07

another tick up

[gardenboy] 29/1/2006 22:53

schober,

I don't think they are eligible for isa status as they are not also listed on a foreign excange.

Not accepted in an isa at the Share Centre - and they also require you to sign a W-8BEN certificate of foreign status before buying any in an ordinary account with them. No such rigmarole at Barclays though.

[schober] 29/1/2006 20:49

anyone tried to put them in an isa/pep? if so what happened?

[gardenboy] 27/1/2006 23:10

NEW DELHI: Gas consumers in the eastern region can look forward to a new energy source with the first coal bed methane (CBM) gas project slated to hit the market by January '07. What's more, this gas will come at a competitive price of around $5-7 per mmbtu as compared to the costlier alternatives of furnace oil or coking coal.

The first commercial operation of CBM gas in India is set to begin with the Great Eastern Energy Corporation (GEECL), a YK Modi group company, planning to kick off drilling operations at the Ranigarnj coalfields, West Bengal, by mid-January.

YK Modi, CMD of GEECL, said: "We have had discussions with consumers in the steel sector who today use coking coal. CBM will come as an economic alternative option as it will be cheaper by 15-20per cent."

According to independent assessment, the fields could have a reserve of almost 817 cubic feet of gas over a 25-year period. The company has projected an investment outlay of approximately Rs 575 crore for the first 100 wells.

Mr Modi said: "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 £20m to fund its 20 production wells in its first 100 wells programme."

GEECL has entered into a production sharing contract for CBM at Raniganj coalfields (Damodar Valley, West Bengal) with the ministry of petroleum and natural gas (originally with Coal India).

Other players in the CBM field include ONGC and Reliance, which too have drawn up plans for exploration in this area.





2005-12-23

Great Eastern Energy Corporation Ltd, a Y.K. Modi Group company, will invest Rs 575 crore in a coal bed methane (CBM) project in West Bengal.

The company announced plans on Thursday to commission drilling of the first lot of 20 wells out of the 100 CBM wells planned in Raniganj coalfields.

The project is stated to be the first-of-its-kind energy generation project in India that would harness the potential of CBM.

Addressing a news conference here, Mr Y.K. Modi, Chairman and Managing Director of Great Eastern Energy Corporation Ltd, said the company had obtained a 30-year licence for extraction of CBM over an area of 210 sq km in Raniganj coalfields.

The total estimated CBM reserves in the 100 wells had been pegged at 1.3 trillion cubic feet. To fund the first phase of the project, the company would source funds from its equity and reserves, which presently stand at around Rs 150 crore. The rest would be generated from internal accruals and, if needed, by way of debt to the tune of Rs 150-200 crore.

The company recently raised $20 million (about Rs 100 crore) by placing GDRs, which have been listed at the Alternative Investment Market of London Stock Exchange.

Mr Modi said that while the company planned to build 100 wells over the next few years, the process could be expedited if the company desired.

At peak production from 100 wells, the company would produce 35 million cubic feet of CBM per day.

The company would pay 12.5% of the well-head gas price to the government as royalty.

According to him, the demand for gas in India was estimated to be around 300 million standard cubic metres per day by 2011-12. In the US, 10 per cent of the natural gas requirement is met by CBM.

Mr Modi said that Great Eastern Energy has signed memoranda of understanding with companies such as SAIL and Dishergarh Power Supply Corporation for marketing. Talks were also on with steel, power, engineering and sponge iron companies for marketing of the CBM that would be extracted.

"All companies that burn liquid fuel or coal are our potential customers and we shall tap as many of them as we can," he said. Test marketing of CBM would commence in the next three months.

[gardenboy] 27/1/2006 23:09

GEECL starts commercial drilling of coal bed methane

M.C. Vaijayanthi

The Kolkata-based Great Eastern Energy Corporation Ltd became the first company in India to start commercial drilling of coal bed methane (CBM) wells when it commenced operations on January 14. The company has started drilling on the first lot of 20 wells out of 100 CBM wells at the Raniganj coalfields.
The corporation has entered into a production sharing contract for CBM over an area of 210 sq. km. at the coalfields (Damodar Valley, West Bengal) with the ministry of petroleum & natural gas (originally with Coal India Ltd). After a detailed evaluation report, undertaken by Schlumberger, the total CBM reserves at Raniganj are estimated to be approximately 1.385 trillion cubic feet.
GEECL has outsourced commercial drilling and other operations of its commercial CBM wells to three companies, namely Mitchell Drilling International (Australia), HLS Asia Ltd, a collaboration company of Halliburton, and BJ Services Company Middle East Ltd, a subsidiary of BJ Services, all of whom have vast experience in CBM projects and technology.
The 100 wells programme envisages an investment outlay of approximately Rs 575 crore for which the company raised £20 million through a GDR issue listed in the Alternative Investment Market on the London Stock Exchange in December last year. GEECL became the first company from West Bengal to list on the AIM at the stock exchange.
Speaking on the occasion of the listing, Prashant Modi, Joint Managing Director, GEECL said, "We are currently into assessment and market development phase of this project and the potential exceeds 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 CBM gas from these three wells at pre-determined prices."
GEECL hasn't given any official confirmation on its marketing and distribution plans, but has only said that it has identified potential local consumers to whom the gas could be supplied, which includes two steel plants and four power stations which could be accessed by relatively short pipelines. The first gas supply from CBM wells is expected to hit the market by January next year and the estimated cost of the gas is between $ 5 and $ 7 per mmbtu.