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Great Eastern Energy Corporation(GEECL) has struck a significant quantity of coal bed methane gas at Raniganj in West Bengal. The gas find is estimated to have a reserve of 1.385 trillion cubic feet. This comes close on the heels of CBM finds by Reliance and ONGC. GEECL, a Y.K. Modi controlled company, plans to tap the GDR market and get listed on the London Stock Exchange by December. The company, which poses to pump in Rs 600 crore in the first phase of the project is planning to fund the entire cost through equity. The company plans to drill 100 wells in the first phase and is expected to start producing commercial gas by January 07. |
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| Posted : 9/15/2005 |
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