Great East Energy Producing Gas Alongside Energy Giants Shell, Exxon Mobil and Chevron in Ukraine
06 Fevereiro 2014 - 11:30AM
Marketwired
Great East Energy Producing Gas Alongside Energy Giants Shell,
Exxon Mobil and Chevron in Ukraine
NEW YORK, NY--(Marketwired - Feb 6, 2014) - Great East Energy,
Inc.'s (OTCQB: GASE) latest Reserve Report only proves what the
company already knew. This report estimates that Great East Energy
is sitting on a significant amount natural gas. The report
estimates there are gross total reserves of 47 billion cubic feet
of natural gas in the company's licensed area in the Ukraine. This
newly released opinion by petroleum geologist Barry Whelan, falls
right in line with a report done by Marathon Oil back in 2007, so
the company's investment in 160 square miles of producing clean
energy land is looking pretty competitive.
These holdings have Great East Energy in good company alongside
industry giants Shell, Chevron, and Exxon Mobil who also own
significant holdings in the country. Shell has almost 3000 square
miles of licensed land immediately to the west of Great East
Energy's property. Chevron owns significant assets in west Ukraine,
and Exxon Mobil is also at work with property to the southwest of
the company's projects.
Great East Energy is an independent oil and gas exploration and
production company focused on bringing North American capital,
industry knowledge and technology to Ukraine and other parts of
central and Eastern Europe. The company's focus currently is on
that producing land in Ukraine, and for good reason.
In that report, the 47 billion cubic feet of Reserves are
comprised of 25 billion cubic feet of Proved Reserves, and 22
billion cubic feet of Probable Reserves. For investors, the
significance of all of that natural gas is that it's sold at prices
three times higher ($12-15) than here in the U.S.
Additionally, the exploration and production work being done in
the region by each of these energy companies has the attention of
the Ukrainian government as the country seeks energy independence
from Russia. Oil and gas production is such a priority in Ukraine,
that Royal Dutch Shell's expansive Yuzivske gas field which
surrounds Great East Energy's property, was the featured asset in a
$10 billion contract signed by Ukraine at Davos, Switzerland, in
2013.
According to an article in the Christian Science Monitor,
Ukraine and its Eastern European neighbors may host some of the
more promising shale basins in the region, and with the European
Union now outlining recommendations for shale exploration, the
region looks ripe for a breakthrough.
The preliminary resources estimate of the Yuzivske gas field is
up to 300 trillion cubic feet, so given the prices companies are
fetching for gas in the region it's clear to see why the industry's
big boys are gobbling up assets. And, right in the thick of those
energy giants is the smaller Great East Energy.
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