Chairman's Statement

Chairman's Statement

The Board is delighted to announce upgrade in reserves and resources at our Raniganj (South) block based on the updated Competent Persons Report ('CPR') provided by the leading independent experts, DeGolyer and MacNaughton. This is a very significant development and reinforces a huge growth potential for the Company.

The CPR reconfirms our Original gas in place ('OGIP') for our Raniganj (South) block, in the best estimate, of 6.13 TCF and an uplift in the OGIP, in the high estimate, to 10.62 TCF along with a significant increase in the value and recovery rate. With an undiscounted value of over $29 billion and a discounted value of between $11 billion to $17 billion, we are both humbled and excited about the fantastic value accreditation and the significant CBM and Shale gas value potential that remains to be unlocked at Great Eastern.

We are pleased to announce the release of our inaugural ESG report. This report reinstates Company's commitment towards sustainable development and showcases how we are mitigating ecological impacts and upholding Environmental, Social, and Governance standards.

FY 2021 and part of FY 2022 were unprecedented years with the COVID-19 pandemic, which had an adverse impact on Sales. To mitigate this impact, the Company had taken appropriate measures to optimize costs and increase efficiencies. The cash profit of the Company has gone up by 24% on a constant currency basis and it continues to maintain sufficient liquidity.

Energy prices have exceeded pre-pandemic levels with international oil prices currently above $100 per barrel along with strong gas prices worldwide. With the last remaining Regulatory approval also in place, company is ready to start the next phase of the CBM drilling and exploratory activity on shale program, providing a fantastic growth opportunity for Great Eastern.

With the steps being taken by the government to accelerate the growth of the Indian economy, demand for hydrocarbons in India is and will continue to grow and development of indigenous gas reserves like those held by Great Eastern can make a meaningful contribution.

Yours truly,
Yogendra Kr. Modi

Executive Chairman