Chairman's Statement

Chairman's Statement

India has emerged as the fastest growing major economy, mainly on the back of stable political and forward looking economic policies of last four years.

With India's continuing commitment to using cleaner fuels like natural gas, the Company will have a robust growth environment.

Additionally, the government has introduced further reforms and liberalised exploration policies which offer wider areas for growth of upstream operators. The company is hopeful of converting these opportunities for further expansion.

The Board is confident that the overall state will remain robust for the foreseeable future.

The Company has been able to achieve substantial increase in its revenue and other financial parameters. Total revenue stood at $ 38.75m in FY 2018, while EBITDA was $ 22.28m for the FY 2018. The Company has a net debt of $ 86.80m as at 31 March 2018 with a debt:equity ratio of 1.11.

Great Eastern has contributed towards improving the environment in its command area with the use of clean energy. Additionally, it has engaged actively with the local community and raised its quality of life in its area of operation by organising medical camps, health initiatives and sports which have been widely appreciated.

The Company's second asset Mannargudi license is situated in the state of Tamil Nadu, southern India and covers an area of 667 sq. km with 0.98 TCF Gas-in-Place. The block is currently under Arbitration with the Government.

With the new infrastructure coming up and the Indian economy growing at a robust rate, we are confident that the demand for energy will continue to grow.

Yours truly,
Yogendra Kr. Modi

Executive Chairman