Great Eastern Energy Corp Ltd 14 February 2006 PRESS RELEASE 14 February 2006 GREAT EASTERN ENERGY NOTICE OF EXTRAORDINARY GENERAL MEETING Great Eastern Energy Corporation Ltd ("Great Eastern Energy" or the "Company"), an AIM-listed company (GEEC:LN) incorporated to explore, develop, distribute and market Coal Bed Methane ("CBM") in India, today confirms that a notice convening an Extraordinary General Meeting of the Company (to be held at 1D Ballyhigh, 1st Floor, Ballygunge Park Road, Kolkata - 700019, West Bengal, India at 12.00 p.m. on 27th March 2006) has been sent to its Shareholders, to approve - (a) an increase in the remuneration payable to Dr. P.K.Roy, an Executive Director; (b) payment of remuneration to Mr. Paul Zuckerman, a non-Executive Director; and (c) various minor amendments to the Company's Articles of Association. A copy of the notice is available for inspection at the offices of Arden Partners Limited, Nicholas House, 3 Laurence Pountney Hill, London EC4R 0EU. For further information, contact: Great Eastern Energy Company Ltd (00 91 124 258 0465) Yogendra Modi - Executive Chairman and Joint Managing Director Prashant Modi - Executive Joint Managing Director Arden Partners Limited (020 7398 1632) Richard Day Citigate Dewe Rogerson (020 7638 9571) Media: Martin Jackson/George Cazenove Analysts: Nina Soon Great Eastern Energy placed 18.8m Global Depository Receipts ("GDRs") with institutional investors and listed on AIM in December, 2006. The notional market capitalisation of Great Eastern, as of 13 February 2006 is £166 million Notes to Editors Great Eastern Energy Corporation Ltd ("Great Eastern") is a public limited company incorporated in India in 1992 to explore, develop, distribute and market Coal Bed Methane (CBM) in India. The organization, headed by Mr. Y.K. Modi, is exploring & developing production wells for Coal Bed Methane in the Raniganj coalfields, West Bengal. A pioneering initiative and a first-of-its-kind in India, the process would lead to demethanation of coal beds and the avoidance of harmful methane emissions into the atmosphere - thus turning an otherwise environmental hazard into a high-potential energy resource. The Company has a licence to explore for Coal Bed Methane in the 210 sq km block (approximately 52,000 acres) in the Raniganj Coalfields of the Damodar Valley, near Asansol, West Bengal. It is located approximately 200 km north-west of Kolkata and is connected by a national highway & mainline railways. The estimated gas in place in the block, as per Schlumberger's 2005 report, is 1.386 TCF and the total of proved, probable and possible reserve is 817 BCF. Three pilot wells have been drilled, cased, cemented, perforated and fractured and currently dewatering is under progress. Test sale of CBM from these three pilot wells is expected to commence shortly. The Company commenced commercial drilling of CBM wells on 14th January 2006 and has outsourced the entire activity of commercial drilling, wire line logging & perforation services, cementing & fracturing operations of its commercial CBM wells to three leading companies namely Mitchell Drilling International Pty Ltd. (Australia), HLS Asia Limited (a collaboration company of Halliburton Energy Services Inc., USA), and BJ Services Company Middle East Limited (a subsidiary of BJ Services Company, USA), who have vast experience in CBM projects and technology. With this, Great Eastern becomes the first Indian company to commence commercial drilling of CBM wells in India. The project plan involves drilling of 100 wells over an estimated four year period in the first phase at an estimated capital outlay of $125 million. The Company may drill more wells (possibly another 200) in the next phases to extract further CBM reserves in the block as estimated by Schlumberger. In December 2005, the Company placed 18,803,504 Global Depositary Receipts (" GDRs") with institutional investors and joined the Alternative Investment Market (AIM) of London Stock Exchange, becoming the first Indian Company to have its primary listing on AIM. Each GDR represents 5 ordinary shares of INR 1 each at a placing price of 101 pence (Rs. 79) per GDR. The entire paid up capital of the Company comprises of 544,619,499 shares, which equates to 108,923,899 GDRs. The notional market capitalisation of Great Eastern, as of 13 February 2006 is £166 million This information is provided by RNS The company news service from the London Stock Exchange