Great East Energy Generating Revenues for Investors with Clean Energy Assets in Lucrative European Market
13 Fevereiro 2014 - 11:30AM
Marketwired
Great East Energy Generating Revenues for Investors with Clean
Energy Assets in Lucrative European Market
NEW YORK, NY--(Marketwired - Feb 13, 2014) - Great East Energy,
Inc. (OTCQB: GASE) saw an opportunity to build an energy footprint
in Europe's second largest country with regard to land mass, and
completed a deal late in 2013 that has it controlling more than 160
square miles of producing clean energy assets in Ukraine. With it,
the company immediately controlled more than just a large piece of
property -- Great East Energy could now generate revenue in a
lucrative energy market for its investors.
With natural gas prices hovering, on average, three times higher
than prices here in the U.S., the acquisition makes a lot of sense
especially given two independent reports that show the company is
sitting on an estimated 47 billion cubic feet of natural gas and
what amounts to years and years of supply.
The company's CEO Timur Khromaev said, "In addition, the company
will also be exploring new, promising deeper geological structures
which are similar to those currently in production by our
neighboring operator Cub Energy." He added, "Recent production at
two fields located next to Great East Energy exceeds 30 million
cubic feet of natural gas per day."
The benefit to investors is that wells in the company's licensed
area have been producing and selling natural gas since 2003 (1
billion cubic feet of gas for customers in the area according to
prior owners), and with the infrastructure already in place
including, two gas processing facilities, and over 8 miles of
pipeline to its customers, Great East Energy can now implement
North American capital, its industry knowledge, and technology to
produce even more successfully in Ukraine. Khromaev said, "The
company is currently planning on drilling two new wells and a
service provider will be selected for that work in the near
future."
It certainly doesn't hurt that Great East Energy's 162-square
mile property is surrounded by Royal Dutch Shell's almost 3,000
square mile Yuzivske gas field. This field was the featured asset
in a $10 billion contract signed by Ukraine at Davos, Switzerland,
last year, and the preliminary resources estimate of that gas field
is up to 300 trillion cubic feet of gas.
While Shell will spend about two years and $410 million to
explore the Yuzivske shale gas area and assess its reserves, Great
East Energy will be hard at work in its own licensed area where
there are seven major dome structures on the property. The
company's assets are set up nicely for continued production and
sales with low operating costs, and that combined with high
European gas prices create a very compelling economic future for
the company and its investors.
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