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Great Eastern Energy Corp Ltd Picks Up 25% Stake In Oil and Natural Gas Corporation Ltd's Raniganj CMB Block-Business Standard


Wednesday, 12 Jun 2013 06:30am EDT 

Business Standard reported that Great Eastern Energy Corp Ltd has won a 25% stake in Oil and Natural Gas Corp's (ONGC) Raniganj coal-bed methane (CBM) block in West Bengal. The Company in a filing to the London Stock Exchange (LSE) said: It has been awarded a 25% participating interest in Raniganj (North) Block which was offered by ONGC through a competitive bidding process initiated in January, 2013. Raniganj (North) Block sits next to GEECL's Raniganj (South) Block in West Bengal. As per the Directorate General of Hydrocarbons (DGH), Raniganj (North) holds an inplace gas reserves of 1.5 Trillion cubic feet. GEECL has 100% of the Raniganj (South) block. The Company said it has accepted ONGC's offer on May 17, which is subject to execution of Farm-in related and Joint Operatorship agreements with ONGC and the approval from the Government of India.