Income Statement ( m)

31-Mar-11

31-Mar-12

31-Mar-13

31-Mar-14

31-Mar-15

Continuing Operations
Revenue

8.38

14.17

19.21

20.30

25.20

Operating Profit/(Loss)

2.61

7.17

10.26

12.33

14.02

Net Interest

2.36

4.12

3.91

3.53

2.75

Profit Before Tax

-0.17

-1.72

4.92

7.82

11.18

Profit After Tax

-0.17

-1.72

4.89

6.13

7.67

0.00

0.00

0.00

0.00

0.00

-0.17

-1.72

4.89

6.13

7.67

0.00

0.00

0.00

0.00

0.00

-0.17

-1.72

4.89

6.13

7.67

Earnings per Share - Basic

-0.31p

-3.13p

7.91p

10.21p

12.83p

Earnings per Share - Diluted

-0.31p

-3.13p

7.91p

10.21p

12.83p

Earnings per Share - Adjusted

-0.31p

-3.13p

7.91p

10.21p

12.83p

Earnings per Share - Basic

-0.31p

-3.13p

7.91p

10.21p

12.83p

Earnings per Share - Diluted

-0.31p

-3.13p

7.91p

10.21p

12.83p

Earnings per Share - Adjusted

-0.31p

-3.13p

7.91p

10.21p

12.83p

0.00p

0.00p

0.00p

0.00p

0.00p

Discontinued Operations
Profit After Tax
PROFIT FOR THE PERIOD
Attributable to:
Minority Interests
Equity Holders of Parent Company
Continuing EPS

Continuing and Discontinued EPS

Dividend per Share

Balance Sheet ( m)

31-Mar-11

31-Mar-12

31-Mar-13

31-Mar-14

31-Mar-15

Assets
Non-Current Assets
Property, Plant & Equipment

61.59

13.14

28.00

75.69

86.73

Intangible Assets

0.23

0.35

0.56

0.58

0.71

Investment Properties

0.00

0.00

0.00

0.00

0.00

Investments

0.11

0.00

0.00

0.00

0.00

Other Financial Assets

0.00

0.00

0.00

0.11

0.00

27.39

91.67

101.06

46.79

49.19

89.31

105.16

129.62

123.17

136.63

Inventories

0.00

0.00

0.00

0.00

0.00

Trade & Other Receivables

1.90

1.54

1.39

2.02

1.20

13.62

1.91

2.80

0.31

0.52

Other Non-Current Assets

Current Assets

Cash at Bank & in Hand

Balance Sheet ( m)

31-Mar-11

31-Mar-12

31-Mar-13

31-Mar-14

31-Mar-15

Current Asset Investments

0.38

2.69

2.26

0.44

0.49

Other Current Assets

0.11

0.00

0.00

0.00

0.00

16.01

6.14

6.44

2.76

2.21

105.32

111.29

136.06

125.93

138.83

Borrowings

-3.23

-6.59

-12.17

-8.53

-14.62

Other Current Liabilities

-5.31

-6.29

-10.29

-6.56

-7.50

-8.54

-12.88

-22.46

-15.09

-22.12

7.47

-6.74

-16.02

-12.33

-19.91

Borrowings

-50.80

-49.20

-59.54

-59.81

-49.57

Provisions

-0.05

-0.12

-0.08

-1.58

-4.71

Other Non-Current Liabilities

-0.36

-2.65

-2.97

-1.21

-2.86

-51.20

-51.97

-62.60

-62.60

-57.14

Other Liabilities

n/a

n/a

n/a

n/a

n/a

Total Liabilities

-59.74

-64.84

-85.05

-77.69

-79.26

45.59

46.45

51.01

48.25

59.57

8.12

8.33

8.77

7.99

8.99

48.97

56.96

59.99

54.68

61.46

1.01

-4.55

-7.61

-11.20

-13.99

Retained Earnings

-12.53

-14.29

-10.15

-3.22

3.12

Shareholders Funds

45.59

46.45

51.01

48.25

59.57

0.00

0.00

0.00

0.00

0.00

Total Equity

45.59

46.45

51.01

48.25

59.57

Ratios - based on IFRS

31-Mar-11

Total Assets
Liabilities
Current Liabilities

Net Current Assets

Non-Current Liabilities

Net Assets
Capital & Reserves
Share Capital
Share Premium Account
Other Reserves

Minority Interests/Other Equity

31-Mar-12

31-Mar-13

31-Mar-14

31-Mar-15

Continuing Operations
PE Ratio - Adjusted

-1193.55

-104.63

33.98

12.34

6.24

Ratios - based on IFRS

31-Mar-11

31-Mar-12

31-Mar-13

31-Mar-14

31-Mar-15

PEG - Adjusted

n/a

n/a

n/a

0.42

0.24

Earnings per Share Growth - Adjusted

n/a

n/a

n/a

29.12%

25.63%

Dividend Cover

n/a

n/a

n/a

n/a

n/a

Revenue Per Share

14.44p

24.27p

32.25p

34.09p

42.31p

Pre-Tax Profit per Share

-0.28p

-2.94p

8.25p

13.13p

18.76p

18.31%

14.56%

44.53%

55.27%

54.84%

2.20%

2.34%

7.21%

9.63%

10.84%

0.00%

0.00%

0.00%

0.00%

0.00%

n/a

n/a

n/a

n/a

n/a

78.12p

39.70p

84.69p

80.03p

49.41p

88.64%

116.00%

135.12%

141.01%

106.88%

Operating Margin
Return on Capital Employed
Continuing & Discontinued Operations
Dividend Yield
Dividend per Share Growth
Net Asset Value per Share (exc. Intangibles)
Net Gearing

Data is provided by Morningstar

Company profile

COMPANY INFORMATION

Publicly listed on the London Stock Exchange, the

Great Eastern Energy Corporation Limited (GEECL) is
a major producer of coal bed methane (CBM) in India.
The company has drilled 156 wells and reached a
production capacity of about 22.8 mcf (646,000 cubic
metres) per day.
India has the fifth-largest coal reserves in the world, estimated at
more than 300 billion tonnes by the Ministry of Coal as of April
2014. This means significant potential for CBM exploitation. The
exploration of CBM in India is spread over a sedimentary area of
26,000 square kilometres and is already ongoing, mainly regions
such as Jharkhand, West Bengal and Madhya Pradesh.

Announcements in 2014 of production increases by other CBM

players are a clear sign that CBM exploration and production
across India will increase in the coming years.

As opposed to CBM, shale gas production characteristically peaks

at very early stages, usually during the first year of commercial
production. With shale wells costing about $10-15 million each,
operators need to make sure they do not lose any of the output
due to a weak national gas grid.

A leading and fully integrated CBM company

Strategy

Supply-demand dynamics in Indian gas market is extremely attractive and

likely to remain so for the next 20 years;

Large, well-defined and well-mapped Raniganj (South) block has an

estimated 2.62 TCF Gas-in-Place;

Compared with the other major U.S. CBM basins, GEECL's Raniganj (South)
block displays remarkable similarities with the Black-Warrior basin of USA where
multiple coal seams with significant gas content and favourable permeability
account for high productivity;

Raniganj (South) block is at the heart of West Bengal's large and growing
industrial centre;

Meeting energy needs of our major industrial customers in Raniganj

(South) block, where we are located;

Demand is substantial and growing and the winners will be those who
have the production and the infrastructure already in place.

UPSTREAM

100% participation in Raniganj (South) block, West Bengal:

210 sq. km, 2.62 TCF estimated Gas-in-Place;

156 wells drilled;

A further 144 wells planned to be drilled;

56 deviated wells have been successfully drilled.

100% participation in Mannargudi block, Tamil Nadu:

Approvals are expected to be in place shortly.

MIDSTREAM - RANIGANJ (SOUTH) BLOCK

Gas Gathering Station and related infrastructure all fully operational;

Pipeline running through the heart of Asansol-Durgapur industrial belt;

Proven pipeline delivery to major industrial clients.

DOWNSTREAM - RANIGANJ (SOUTH) BLOCK

Located at the heart of West Bengals large and growing industrial centre;

Multiple contracts with a range of large and medium industrial clients;

CNG supply agreement with Indian Oil Corporation Limited and Bharat
Petroleum Corporation Limited.
The company-s strategy is to be in the expansion and exploration spree and its
aims to be a leading player in the Indian CBM industry. This strategy is working
fine so far its performance is in tune with the strategy. For the financial year
2014-2015 the following demonstrate this point.

FINANCIALS
In the 12 months to 31 March 2015 Great Eastern made material progress across the
business, delivering significant growth in production, revenue, and profit.
Total revenue increased by 9% to US$ 37.46m as compared to the corresponding previous
financial year, while EBITDA increased by 4% to US$ 24.80m. The Company has a net debt
of US$ 93.67m as at 31 March 2015 with a Debt:Equity ratio of 1.08, improving from 1.39 as
at 31 March 2014.
Sales increased by 12% to 3.73 bcf this year compared with 3.33 bcf in the previous year.
The supply and demand dynamic for Indian gas, and the pricing environment, remains
attractive and is likely to remain so for some years to come.

OPERATIONAL UPDATE: RESERVES, DRILLING & PRODUCTION

As announced in June 2015, the independent reserve engineers, Advance Resources
International, Inc., have increased the Recovery factor to 55% from 30%, in the low estimate
and the Original-Gas-In-Place (OGIP) to 2.62 TCF (from 2.44 TCF), an increase of 7.38%.
Since we listed in 2005, the OGIP has increased substantially from 1.39 TCF at that time.

Managements focus on improving production by the installation of new lower capacity

pumps is now delivering a positive impact on current production and setting the scene for
higher volume future production targets.
Average production increased by 10% to 12.81 mmscfd in FY 2015 from 11.70 mmscfd in FY
2014.
Production increased by 18% to 15.06 mmscfd in July 2015 from 12.81 mmscfd average for
the 12 months ended 31 March 2015.
In addition, improved results have been achieved from optimising the pipelines. These
areencouraging and have resulted in an increase of 17% in gas flow (by 1,581 mcfd). Out of
the total entailed optimisation, 50% has been completed. Further improvement in gas flow is
anticipated with more optimisation being carried out of the pipelines.
Due to the successful pump optimisation, we have been able achieve a 176% increase in
gas flow (by 475 mcfd). Further improvement in gas flow is anticipated as a result of regular
dewatering.

FY 2015

FY 2014

Prodcution (mmscfd)

12.81

11.70

10%

Average daily gas sales volumes(mmscfd)

10.23

9.13

12%

Average Price($/mmbtu)*

11.04

11.21

(2)%

Average Price(Rs/scm)

21.43

21.54

(1)%

* Pricing is based in Rs.

to make progress in production and sales ramp-up. A total of 156 wells have now been
drilled at our Raniganj (South) block, which, with planned dewatering and optimisation
measures provides a substantial base for production growth.

SALES, MARKETING, & DISTRIBUTION

The Company has 44.16 mmscfd of gas under contract / MOU, an increase of 3.91% from
December 2014.
Great Eastern is well placed to supply gas in and around the highly industrialised region of
Asansol-Raniganj-Durgapur through its own dedicated pipeline network.

MANNARGUDI CBM BLOCK

The Mannargudi block covers an effective area of 667 sq. km. and is located in the southern
part of the country.
The Company has received Environment Clearance and approval is awaited from the State
Government of Tamil Nadu.
The current minimum work programme consists of 30 pilot production wells and 50 core
holes.