HOEC signs Natural Gas Sales & Purchase Agreement with PPN Power

Hindustan Oil Exploration Company Ltd (HOEC) has announced that the Company has executed a Natural Gas Sales & Purchase Agreement with PPN Power Generating Company Pvt Ltd, for the sale of upto 51,000 MMBTU per day of natural gas from its PY-1 Gas Field. The Gas price is USD 3.75/mmbtu for year 1 and 2 increasing to USD 3.85/mmbtu in year 3 and 4, USD 3.95/mmbtu for year 5 and 6 and negotiated price thereafter.

Company is the Operator of the Block PY-1 and holds 100% participating interest in the said Block.

The stock closed on Friday at Rs.92.55, down by Rs.5.80 or 5.90%. The total traded quantity was 606487 compared to 2 week average of 2477837. The stock hit an intraday high of Rs.99.10 and low of Rs.91.70.

Source : Equity Bulls

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