Revenue came in at Rs 219 crore, up 54%, against Rs 142 crore in the December quarter of last fiscal.
Pankaj Kalra, Chief Executive Officer, EOGEPL said, “My team has done an excellent job in delivering strong operating performance with a ramp up in gas production and reduction in internal consumption by 12%.”
During the quarter, ebitda nearly doubled at Rs 171 crore against Rs 86 crore in the corresponding previous quarter.
EOGEPL doubled its coal bed methane (CBM) production to over 0.8 million metric standard cubic meters per day (mmscmd) after the commissioning of Urja Ganga Pipeline with availability of 100% gas offtake further buoyed by continued tail winds in global gas prices.
It is currently operating 350 wells in the block and has taken up a systematic approach of well revival through adaptation of world class technology and stimulation techniques including re-fracs and close monitoring to enhance gas production from the existing wells.
EOGEPL plans to double its CBM reserve base and increase production from the block to over 3 MMSCMD in the coming years, the company said in a statement.The company has roped in globally renowned service providers and technical consultants to roll out a phased growth program to achieve these objectives. The program includes drilling of new directional and horizontal wells, and expeditious development of the Deeper CBM Area of Raniganj block.
The company is also working towards opening up new frontiers, one of them being Shale Gas exploration which will help the company consolidate its position as one of the largest unconventional hydrocarbon player in the region.
Prashant Ruia, Director – Essar Capital and EOGEPL, said, “Essar aims to participate in India’s vision of reducing carbon footprint and provide industries with alternate clean fuel at economical prices. We are committed to contribute to India’s vision of becoming a gas-based economy in the next decade by ramping up its gas production.”
