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Coalbed methane supports Great Eastern Energy Corp.’s revenues

World Coal,

Indian coalbed methane (CBM) group, Great Eastern Energy Corp. reported that revenues, sales volume and profitability continued to show good growth in H1 2014.

Total revenue increased by 21% to US$19.45 million, while earnings before interest, tax, depreciation and amortisation rose by 14% to US$12.97 million.

Profit after tax pre mark to deferred tax expense increased by 24% to US$8.88 million and cash generation increased by 23% to US$10.77 million.

The group has been supported by the continuing growth of the CBM industry. Great Eastern Energy Corp. is a fully integrated CBM company – operating in upstream, midstream and downstream sectors. The company is sure that the market for CBM is there, and that the sector will see continued growth in the coming years.

President and chief operating officer Prashant Modi said: "The revenues, sales volume, and profitability continue to show good growth. We have a focused plan to maximise production with our current portfolio of acreage as well as pursuing new opportunities. The management has taken a decisive action to shelve the Indian IPO process. The growing positive operational results, coupled with favourable Indian political and economic conditions, means that we look forward to the future with confidence."

Modi said: “The supply and demand dynamic for Indian gas and CBM, and the pricing environment, remains extremely attractive and is likely to remain so for some years to come. Great Eastern is well placed to supply gas in and around highly industrialised region of Asansol-Raniganj-Durgapur through our own dedicated pipeline network.”

Edited from various sources by Sam Dodson

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