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Great Eastern Energy Posts Total Revenue $16.45 Million

Great Eastern Energy Corporation Limited, the fully integrated, Indian Coal Bed Methane (CBM) Company, has reported total revenue $16.45 million for six month period ended 30 September 2015, while EBITDA is $10.68 million.

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Great Eastern Energy Corporation Limited, the fully integrated, Indian Coal Bed Methane (CBM) Company, has reported total revenue $16.45 million for six month period ended 30 September 2015, while EBITDA is $10.68 million.

As announced in June 2015, the independent reserve engineers, Advance Resources International, Inc, have increased the recovery factor to 55 per cent from 30 per cent in the low estimate and the Original-Gas-In-Place (OGIP) to 2.62 TCF (from 2.44 TCF), an increase of 7.38 per cent. Since they listed in 2005, the OGIP has increased substantially from 1.39 TCF at that time.

The Company has delivered on its strategic objective of improving the debt:equity ratio. As at 30 September 2015 net debt was $90.34 million with a debt:equity ratio of 1.04 (1.22 as at 30 September 2014).

Prashant Modi, Managing Director & CEO of Great Eastern, said: "We are continuing to make strong progress with our strategic goals of further optimising well production, planning second phases of drilling on the Raniganj (South) block and identifying new reserves, whilst improving the debt:equity ratio. Our underlying performance during the period gives us confidence for the future."


Tags assigned to this article:
revenue ebitda coal bed methane results