13 December 2005

Great Eastern Energy Corporation Ltd (“GEECL” or “the Company”), a company incorporated to explore, develop, distribute and market Coal Bed Methane (“CBM”) in India, will today be the first Indian company to list on AIM.

Emphasising the strong economic links between the UK and India, GEECL's admission to AIM is a sign of the developing financial landscape. While not listed in India, listing on AIM will raise the company’s profile, allow access to capital markets and diversify its investor base.

Olswang advised GEECL on its application for admission to AIM where trading begins today. Admission was by way of a placing of global depositary receipts ("GDRs"), each one representing five ordinary shares in the company (the “Placing”). GEECL successfully raised £10.9 million (net of expenses) through a conditional placing of 12 million GDRs. In addition, existing shareholders sold approximately 6.8 million GDRs. The post money market capitalisation of GEECL is approximately £110 million. Khaitan & Co., the Company's Indian lawyers, advised on the Indian aspects of the transaction and led GEECL and its advisors through a host of changing Indian laws and regulations.

Whereas CBM operations are common in North America, the Company's project will be among the first of its kind in India. The net proceeds of the Placing will fund the development of the first 20 wells in the Company's growth plan as a supplier of CBM in West Bengal. India's economy has a high demand for energy and the Company has already identified potential local customers the gas could be supplied to, including steel plants and power stations, within a close radius of the wells.

Yogendra Kr. Modi, founder and Chairman of the Company said, "We chose to work with Olswang because of Toby Greenbury's knowledge and experience of both the English and also the Indian markets. His advice and assistance have proved invaluable in assisting Great Eastern to successfully conclude this exciting and pioneering IPO and to become the first Indian company to be admitted to trading on AIM. We are also very grateful to the rest of the Olswang team, who worked seamlessly with our Indian lawyers, Khaitan & Co, led by Pinto Khaitan and Naveen Goel, who have, by their innovative and solutions oriented approach, also contributed so much to the Company's successful flotation and to bringing the Company to AIM."

The Olswang team was led by consultant Toby Greenbury and included corporate partner Howard Palmer and solicitors Emma Bennett and Alexia Godber.

The Khaitan team was led by Pinto Khaitan and corporate partner Naveen Goel and included solicitors Anjali Agarwal and Sachin Mehta.

Arden Partners is acting as Nominated Adviser and Broker to the Placing. Lawrence Graham advised Arden Partners.

For more information contact:

Verity Dephoff

0207 067 3003

verity.dephoff@olswang.com

Lucy Chapman

0207 067 3009

lucy.chapman@olswang.com