Hindustan Oil Exploration Company plugs Deva-1 well

Hindustan Oil Exploration Company Ltd (HOEC) has announced that the Company has drilled exploration well Deva-1 in prospect Deva (in Block CB-ON-7) and encountered hydrocarbon during drilling and in SWC samples. Deva-1 well has been plugged and the prospect would need further appraisal before establishing discovery potential.

The Company is the Operator of the Block CB-ON-7 and holds 50% participating interest during the exploration phase. Gujarat State Petroleum Corporation Ltd and Oil and Natural Gas Corporation Ltd (Licensee) are the consortium partners in the said Block.

The stock closed the day at Rs.66.10, down by Re.0.80 or 1.20%. The stock hit an intraday high of Rs.67.70 and low of Rs.65.80. The total traded quantity was 118687 compared to 2 week average of 332365.

Source : Equity Bulls

Keywords