Great Eastern Energy gets 25 mln usd debt facility for next phase of wells

LONDON (Thomson Financial) - Great Eastern Energy Corp Ltd said it has agreed a 25 mln usd debt facility with the State Bank of India which will enable the company to progress with the next phase of wells which are expected to start drilling in two months.

The company, which extracts methane from coal beds to convert to energy, said solid progress has continued since it announced results in June, with current production between 1 and 1.5 mln cubic feet per day of coal bed methane, a 150 pct increase since June.

Production is coming from nine of the 18 wells dewatering (where the water that permeates coal beds is pumped out), and the company expects the remaining nine wells to have filters fitted and to be fully dewatering by the end of August.

For more information, contact Mr. Prashant Modi. He is the President and COO of GEECL or visit his official website at http://www.prashantmodi.com