Great Eastern Energy Corporation is likely to be one of the bidders for the fourth round of Coal Bed Methane block auction.
Mr Prashant Modi COO of GEECL told reporters that "We are looking to bid for CBM blocks opened in fourth round of auction by the government, currently assessment of the resources opened under auction is being done.”
He said that the ten blocks offered under CBM-IV auction by government cover an area of about 5,000 square kilometres and are spread over seven states of Assam, Jharkhand, Orissa, Madhya Pradesh, Chattisgharh, Maharashtra and Tamil Nadu.
Sources said that the bidding for CBM blocks ends on October 12th 2009 for which the government is presently holding road shows globally.
Currently, GEECL produces CBM from its block in Raniganj, West Bengal, which is spread across on aggregate area of 210 square kilometres, company statement said.
Mr Modi said that "The company has completed 30 wells as on July 2009, with 23 additional wells in various stages of completion and has commissioned one gas gathering station.”
Mr Modi said that GEECL plans to dilute 10% of company equity holding through Initial Public Offering route in India. He added that "We plan to raise INR 400 crore from the market by this year end.”
(Sourced from Business Standards)
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GEECL likely to bid for CBM blocks
Thursday, 27 Aug 2009
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