GEECL Upgrades Reserves at its Indian CBM Block

Great Eastern Energy Corporation Limited (GEECL) announced Wednesday an increase in reserves at its Ranijang South coal bed methane block in eastern Indian state of West Bengal.

Proved reserves (1P) increased 232.61 percent to 259.10 Bcf from 77.90 Bcf as at December 2013.  Proved and Probable (2P) reserves increased 137.12 percent to 442.70 Bcf from 186.70 Bcf as at December 2013. Proved, Probable, and Possible reserves (3P) increased 87.64 percent to 543.40 Bcf from 289.60 Bcf.

Original-Gas-In-Place (OGIP) increased 7.38 percent to 2.62 Tcf.

The changes in 1P, 2P, and 3P reserves are a result of new wells coming on production in new areas, and an increase in estimated recoveries based on historical production and the upward revision of OGIP, the company said.

Commenting Prashant Modi, President and COO of Great Eastern said: "The supply/demand balance for gas in India is still strong and we are seeing continued interest from new industrials customers, for which we are very well positioned to deliver."

Apart from Raniganj South, the company has a second CBM asset in India in the southern state of Tamil Nadu.