New Delhi, July 22: Coal bed methane (CBM) producer Great Eastern Energy Corporation Ltd plans to drill 144 wells and scout for opportunity to sell gas in the Asansol-Raniganj-Durgapur region through its pipeline network.
"There are 150 wells on the block that are producing or de-watering, and the company plans to drill a further 144 wells in the future. It will continue to carry out work on existing wells to maximise production further. It is also pursuing sales opportunities in the highly industrialised region of Asansol-Raniganj-Durgapur through its own dedicated pipeline network," the company said in a statement while announcing its financial result.
The London-listed company said its profit after tax increased 11 per cent to $11.35 million during the fiscal ended March.
Total revenue increased 9 per cent to $37.46 million and the EBITDA ( earnings before interest, taxes, depreciation, and amortisation) rose 4 per cent to $24.80 million.
President and chief operating officer Prashant Modi said, "The management's strategy is delivering good growth in revenues, sales volume and profitability. We have the opportunity to sustain this growth through our current reserves and producing acreage alongside our production optimisation programmes. We are, therefore, looking forward to the future with confidence."