Chairman's Statement

Chairman's Statement

While the Indian economy faces a difficult situation in the wake of COVID-19 pandemic, the country has certain fundamental resilience which would help it tide over the crisis.

In the midst of the otherwise gloomy situation, the government has made an attempt to convert the crisis into an opportunity to push new and bold reforms which should yield positive results.

The Board is confident that the overall state of the economy will recover soon and continue to remain robust. Encouragingly, post balance sheet year end, World growth rates are rebounding and energy prices, that fell dramatically in March 2020, have returned to pre-pandemic levels with international oil prices currently above $70 per barrel.

The Company has achieved a strong financial performance and continues to drive future growth through increasing the production at the Raniganj (South) Block.

Great Eastern has contributed towards the national effort of reducing pollution through use of clean fuel. By using gas in its own operations and by supplying gas to its customers, Great Eastern has helped improve the air quality and environmental footprint in the Company's operational area. Given climate change concerns and the need to control emissions, Great Eastern is encouraged that its business focus on gas, increasingly seen as an energy transition fuel, can assist in the global trend towards low carbon/carbon neutral energy supplies.

The Company has continuously engaged with the local community and raised their quality of life by distributing food, organising medical camps, health initiatives, and sports activities, which have been widely appreciated. The Company is also engaging with the local administration and community to help during these trying times of COVID-19.

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

Yours truly,
Yogendra Kr. Modi

Executive Chairman