Chairman's Statement

Chairman's Statement

India's economy has continued to surge ahead with strong overall growth and further policy liberalisation.

As India's GDP has grown robustly, energy demand has also risen. To meet an increasing part of the country's additional energy needs, the Government has significantly liberalised the policy regime for the domestic hydrocarbons sector. They have also recently allowed existing contractors the right to explore for all hydrocarbons within their license areas.

The Board is confident that the overall state of the economy will continue to remain robust, notwithstanding the forthcoming general elections to be held mid next year.

I am delighted that the resource evaluation done by Advance Resources International, Inc., has significantly increased the estimates for the OGIP to up to 9.25 TCF in our Raniganj (South) block, which includes 6.63 TCF of Shale resources and 2.62 TCF of CBM resources.

The overall results for the first half of the current financial year are strong and we are confident the figures for the full year will reflect the continuing buoyancy.

Great Eastern has contributed towards the national effort at reducing environmental pollution through use of clean fuel. By using gas in its own operations and by supplying gas to its customers, Great Eastern has helped improve the air quality and environmental footprint in its area of operation.

The Company has also engaged with the local community and raised their quality of life by organising medical camps, health initiatives, and sports activities, which have been widely appreciated.

The Company's second asset, Mannargudi block, is situated in the state of Tamil Nadu, and covers an area of 667 sq. km with 0.98 TCF Gas-in-Place. The block is currently under Arbitration with the Government.

With the new pipeline infrastructure coming up, thereby giving us access to new markets, and the Indian economy growing at a robust rate, we are confident that the demand for energy will continue to grow.

Yours truly,
Yogendra Kr. Modi

Executive Chairman