Chairman's Statement

Chairman's Statement

With the Government of India committed to developing a gas based economy, the demand supply dynamics for the Indian market and pricing environment provide the Company attractive opportunities. The industry got a fresh impetus with the new exploration policy.

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

Total revenue stood at US$ 16.63m in H1 FY 2018, while EBITDA was US$ 8.79m for the first six months of FY 2018. The Company has a net debt of US$ 89.76m as at 30 September 2017 with a debt:equity ratio of 1.17.

The Company has been able to achieve substantial increase in its sales since September 2017, while maintaining the free market price of gas.

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

The Company continues to deliver on its optimisation programme and drive future growth through increasing the production at the Raniganj (South) Block.

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.

India is embarking on a high trajectory growth with investor friendly policies in place, thereby providing us with one of the most attractive markets.

Yours truly,
Yogendra Kr. Modi

Executive Chairman