- Indian coal bed methane group Great Eastern Energy Corporation has revealed an increase in reserves at the Raniganj (South) block.

Great Eastern says a report by independent reserve engineers Advance Resources International shows:

* Original-gas-in-place increased 2% to 2.40 trn cu ft - up from 2.35 trn cu ft in May 2012

* Proved, probable and possible (3P) reserves increased 7% to 277 bn cu ft - up from 258 bn cu ft in May 2012. This represents a 507% increase from the time of Great Eastern's listing on the main board of the London Stock Exchange, in May 2010 (3P numbers reported as at November 2009).

President and chief operating officer Prashant Modi said: "This OGIP and reserves upgrade is further confirmation of the resource potential of the Raniganj block.

"Operational progress is continuing as planned, and we remain on track to achieve our projected exit production.

"With continued interest from major new industrial customers reaffirming the attractive supply/demand balance for gas in India, from which we are exceptionally positioned to benefit, we are well set to deliver on our growth potential."

At 9:20am: [LON:GEEC] share price was 0p at 268.75p

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