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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classification
|
|
|
Category
|
|
|
SHALE
Resources (TCF) |
|
|
CBM
Resources (TCF) |
|
|
Total Resources
(TCF) |
|
Original-Gas-In-Place
(“OGIP”) |
|
|
Low Estimate
|
|
|
1.40
|
|
|
2.62
|
|
|
4.02
|
|
|
Best Estimate
|
|
|
3.51
|
|
|
6.13
|
|||||
|
|
|
High Estimate
|
|
|
6.63
|
|
|
|
|
9.25
|
|
Classification
|
|
|
Resource Type
|
|
|
Category
|
|
|
Gross Recoverable Gas
(BCF) |
|
|
Total Future Net Revenues
($ Million) |
|||
|
Undiscounted
|
|
|
Discounted at
10% per annum |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Reserves
|
CBM
|
1P
|
|
|
336.00
|
|
|
$2,037.00
|
|
|
$675.50
|
||||
|
2P
|
|
|
510.80
|
|
|
$3,073.00
|
|
|
$965.90
|
||||||
|
|
|
|
|
3P
|
|
|
594.70
|
|
|
$3,535.10
|
|
|
$1,076.70
|
||
|
Contingent Resources
|
CBM
|
1C
|
|
|
397.10
|
|
|
$2,463.90
|
|
|
$253.20
|
||||
|
2C
|
|
|
600.30
|
|
|
$3,786.80
|
|
|
$385.20
|
||||||
|
|
|
|
|
3C
|
|
|
704.40
|
|
|
$4,464.40
|
|
|
$448.70
|
||
|
Prospective Resources
|
SHALE
|
1U
|
|
|
347.20
|
|
|
$1,250.10
|
|
|
$764.00
|
||||
|
2U
|
|
|
883.00
|
|
|
$3,118.50
|
|
|
$1730.90
|
||||||
|
|
|
|
|
3U
|
|
|
1,689.30
|
|
|
$5,775.50
|
|
|
$2,782.90
|
||
|
|
|||||||||||||||
- 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
No comments:
Post a Comment