Stock Report

Aban Offshore contract terminated by Exxon Neftegas

Posted On : 2008-05-12 06:25:57( TIMEZONE : IST )

Aban Offshore contract terminated by Exxon Neftegas

Aban Offshore Ltd has announced with reference to the earlier announcement dated April 15, 2008 regarding a contract that has been signed by with Exxon Neftegas Ltd for the deployment of the Jack-up rig Murmanskaya Offshore Russia for a 2 well programme which is expected to commence in June 2008, that Exxon Neftegas has terminated its contract with Beta Drilling regarding the rig Murmanskaya.

Further the Company has informed that, it has received a Letter of intent for one well contract with Husky Oil China Ltd for the same rig Murmanskaya for a period of approximately 50 days. The estimated revenues from the contract is approximately USD 10.53 million.

The stock closed the day at Rs.3682.20, up by Rs.30.55 or 0.84%. The stock hit an intraday high of Rs.3725 and low of Rs.3506.

The total traded quantity was 78148 compared to 2 week average of 57720.

Source : Equity Bulls