Great Eastern Discussion Threads

[gardenboy] 06/6/2007 08:05

beginning to look very promising here - they have redesigned the website in anticipation too

[judge jury] 06/6/2007 08:03

Havent read the whole thing but first observations are:

- 38.5% increase in reserves
- on the verge of producing 1.5mmcfd
- progress being made re infrastructure (approval of field development plan, drilling rig and gas gathering station)
- gas price up some 70%
- "We anticipate saleable production shortly"

Still think we need to see some contracts signed before any sustained rise but it does look like it should be soon

[flashheart] 06/6/2007 07:35

Results out in RNS 00701 hrs - Very encouraging going forward.

[judge jury] 02/3/2007 08:10

For Immediate Release: 7.00am Friday 2 March 2007

Great Eastern Energy Corporation Ltd

Field Development Plan Approved

Great Eastern Energy Corporation Ltd. (Great Eastern), a Company involved in the exploration, development and production of coal bed methane (CBM) in India, is pleased to announce that it has gained approval from the Directorate General of Hydrocarbons in India (Government of India) for its field development plan relating to its license area in the Raniganj Coalfields, West Bengal. This is the first time a field development plan for the production of natural gas from coal beds has been approved in India.

Approval both independently certifies Great Eastern's plan for developing the license area as well as overcomes regulatory requirements needed to be met for its further development. Certification encompasses the whole project, including all exploration, development and production aspects.

The approved plan covers the complete first phase of developing Great Eastern's license area, including the first 100 wells and construction of the Gas Gathering Stations, which is a key part of managing the distribution of gas produced to the end user.

Current production is 600 Mcfd, a near 40% increase over that being produced only a month ago, firmly putting the Company on target to reach initial production expectations of 1.5 Mcfd.

As outlined in previous announcements, significant work has already been carried out on the construction of the Gas Gathering Station. The survey report and design work have been finalised and the equipment needed has also now been finalised / contracted. The station remains on schedule for completion in the middle of this year.

Commenting, YK Modi, Chairman and CEO of Great Eastern, said:

"Approval of the plan not only independently certifies what we have already done and achieved but also opens the way for Great Eastern to reach meaningful saleable production of natural gas in India. Gaining approval for such plans in India is an in depth process that takes a considerable amount of time and so its approval can be considered yet another milestone for the Great Eastern."

The Directorate General of Hydrocarbons (DGH), added:

"The approval of the Development Plan put in place by Great Eastern to develop the license area is the first in India for the production of CBM. The commercial production of CBM in India is now a reality. Results from the exploration carried out by Great Eastern in its licensed area have been very encouraging.

With continuing strong growth in the Indian economy, business surveys point to a ready market for gas resources and CBM in India being a key part of this resource. India, having the fourth largest proven coal reserves and being the third largest coal producer in the world, holds significant prospects for commercial recovery of CBM."


ENDS-

[judge jury] 13/2/2007 22:49

No chance of a take private ... but it is an excellent vote of confidence.

To sum up v briefly; the gas exists, the drilling infrastructure is basically in place, the gas is being extracted, there is HUGE demand in NE India and sales contracts are being negotiated and will be put into place in the next 6 months or so.

[gardenboy] 13/2/2007 18:17

Mr. Modi is keen on this - might want to take it private perhaps

The Company announces that on 13th February 2007 it was notified that YKM
Holdings International Ltd., a company in which Mr Yogendra Kr. Modi, Chairman
and Managing Director of Great Eastern, is interested, had purchased on 12th
February 2007, 1,500,000 GDRs, each representing 5 Ordinary Shares in Great
Eastern at 107.5 pence per GDR. Following this purchase, Mr Yogendra Kr. Modi
has a beneficial interest in 349,865,159 ordinary shares in Great Eastern,
representing approximately 64.24% of the issued share capital.

[petemorr] 12/2/2007 16:44

Thanks Gardenboy!

[gardenboy] 12/2/2007 16:35

hmmm.....various very big X trades all at 107.5 now showing after hours

[gardenboy] 12/2/2007 16:06

pete,

My experience is not to worry about big trades too much - the buy price is still 124p for small trades. The very big boys seldom pay what us mere mortals do.

I was watching IFL last summer and saw mega mega volume go through at 33p when the mid price was 36.5.The thread was very quiet then but one poster was quite concerned at the low price. Those shares are now 60p.

The bigger story may well be unfolding here soon and someone has got a huge tranche at a very cheap price. All imo etc.

good luck, gb

[petemorr] 12/2/2007 15:54

Hi, Back again and still thinking about it. The 12m shares trade is marked as a cross trade and as a sell by advfn. Is this the case? Price has not moved. Any thoughts?

[gardenboy] 12/2/2007 15:40

thanks Mike.

volume today,

[mikehardman] 12/2/2007 12:55

Coal Bed Methane report - good for general understanding

[judge jury] 05/2/2007 08:47

For Immediate Release: 7.00am Monday 5 February 2007


Great Eastern Energy Corporation Ltd
Trading Update


Great Eastern Energy Corporation Ltd. (Great Eastern), a Company involved in the exploration, development and production coal bed methane (CBM) in India, is pleased to make the following trading update in advance of investor meetings during the week starting 5 February 2007.

Since the last update at the interim results on 20th November 2006, the Company has continued to make solid progress and remains in line with expectations of achieving saleable gas production by the middle of 2007.

The completion of wells, which includes perforation, fracturing and installation of pumps, is slightly ahead of where we anticipated at the time of the results with 23 wells now completed. Of these wells, 18 are currently dewatering and 5 wells are producing gas. Gas production is currently 437 mcfd, a 25% increase over November, with the most productive of the wells producing 200mcfd.

As drilling and completion activities have progressed, the on site team has gained a better understanding of the license area and as a result both the average drilling time per well and the time needed to complete each well has been substantially reduced.

Commenting, YK Modi, Chairman and CEO of Great Eastern, said:

"The Company has continued to make solid progress in line with expectations. The market for resources in India remains buoyant and we look forward to achieving saleable production by the middle of this year".

[buffin] 27/11/2006 16:35

That looks quite like my post, JJ.

[judge jury] 27/11/2006 15:18

Discount too deep for a relatively low-risk play - WEEKEND SHARE WATCH.
By MARK ODELL
25 November 2006
Financial Times

Great Eastern Energy is pioneering the production in India of natural gas from coal deposits, more commonly known as coal bed methane. The process is already widely used in the US, Canada and Australia. As is typical of an exploration company, its interim results earlier this week were less of interest for the financial performance as the update to the drilling programme. It has completed the first 20 of the 100 wells planned to target independently audited reserves of 817bn cubic feet of gas in its Raniganj South licence area in West Bengal and is forecasting first production by the middle of 2007. This is less than two years after floating on Aim. There is enough demand from heavy industry in the local market to absorb the expected production several times over and work on infrastructure will start soon. The company is not expected to make more cash calls because it plans to fund development via an up to Dollars 60m (Pounds 31m) credit facility and then from cash flow.

Arden, company broker, puts a net asset value of 191p on the shares, which are trading at 135p. This looks too deep a discount for a relatively low-risk play.

[buffin] 25/11/2006 23:31

Great Eastern Energy is pioneering the production in India of natural gas from coal deposits, more commonly known as coal bed methane. The process is already widely used in the US, Canada and Australia. As is typical of an exploration company, its interim results earlier this week were less of interest for the financial performance as the update to the drilling programme. It has completed the first 20 of the 100 wells planned to target independently audited reserves of 817bn cubic feet of gas in its Raniganj South licence area in West Bengal and is forecasting first production by the middle of 2007. This is less than two years after floating on Aim. There is enough demand from heavy industry in the local market to absorb the expected production several times over and work on infrastructure will start soon. The company is not expected to make more cash calls because it plans to fund development via an up to $60m (£31m) credit facility and then from cash flow. Arden, company broker, puts a net asset value of 191p on the shares, which are trading at 135p. This looks too deep a discount for a relatively low-risk play.



Arden are a pretty small house, aren't they? Anyone seen their reserves calculation?

[gardenboy] 22/11/2006 17:30

some decent volume today.

looks like an interesting long term story - bought back a few on results day.

[judge jury] 20/11/2006 08:45

Great Eastern Energy Corporation Ltd.
('Great Eastern' or the 'Company')


Interim Results

For the six months to 30 September 2006



Great Eastern (GEEC:LN), an AIM listed Indian energy company focused on the
production, development, marketing and distribution of natural gas from coal
beds (Coal Bed Methane ("CBM")), announces its interim results for the six
months to 30 September 2006.



Great Eastern is pleased to report that during the period significant progress
has been made towards reaching saleable gas production by the middle of 2007.



Highlights:

* First 20 wells:
* Drilling now completed
* 2 additional wells fractured and perforated bring total to 12
* 7 further pumps installed bring total to 10 wells dewatering on pump
* Indications of earlier gas production as dewatering is substantially
faster than expected
* Second 20 wells:
* Global tenders for drilling and well completion activities issued
* Bids received being evaluated
* Land and access roads for drill sites being negotiated
* Current production is approximately 350 mcfd from the 13 wells being
dewatered (including 3 pilot wells).
* Drilling of second 'Core Well' program of 6 wells, for data collection,
complete
* Net cash of the company was $17.1m as at September 30, 2006 (31/03/
06$28.3m) due to the continuing capex plan.
* As expected, the Company is in discussions regarding debt facilities to
fund part of the planned future well programs



Commenting, YK Modi, CEO of Great Eastern, said:

"We have made a significant amount of progress in the first six months of the
financial year and Great Eastern remains on target to achieve saleable gas
production by the middle of 2007. The first program of 20 wells is nearing
completion and we are making good progress on the second program of a further 20
wells".



20 November 2006

[petemorr] 15/9/2006 22:41

Anyone here? I never dipped in but now thinking about it again...

[petemorr] 24/7/2006 12:23

Thanks Judge Jury.

[judge jury] 21/7/2006 12:09

Increasing the liquidity of the GDRs can't hurt. I don't think there is too much significance beyond that.

Good articles that you found. Significant interest in the new blocks lends weight to the fact that existing blocks have decent value.

Looking forward to news in the next 6 months on contracts and extra wells. Happy to hold for the long, long term

[petemorr] 21/7/2006 10:38

Gardenboy/Judge Jury - you guys got any thoughts about todays annoucement? The august/sept time frame could tie up with any news on production?

[petemorr] 20/7/2006 12:58

Looking to get in but the spread has just widened :(

Couple of interesting articles I found


I thought that the bid by BP was interesting.

[judge jury] 27/6/2006 08:37

Decent vote of confidence

RNS Number:1683F
Great Eastern Energy Corp Ltd
26 June 2006

26th June 2006



Great Eastern Energy Corporation Ltd.

("Great Eastern")



Director shareholding



The Company announces that on 26th June 2006 it was notified that YKM Holdings
International Ltd., a company in which Mr Yogendra Modi, Chairman and Managing
Director and Mr Prashant Modi, Joint Managing Director of the Great Eastern, are
interested, had purchased on 23 June 2006, 100,000 GDRs, each representing 5
Ordinary Shares in Great Eastern at 115 pence per share. Following this
purchase, Mr Yogendra Modi and Mr Prashant Modi have a beneficial interest in
342,365,159 ordinary shares in Great Eastern, representing approximately 62.86%
of the issued share capital.