Selan Exploration Technology Ltd to acquire 100% Participating Interest in Contact Area CB/ONDSF/ELA0/2016

Selan Exploration Technology Ltd has entered into a Transfer Agreement today, i.e. 06 July 2022 to acquire 100% participating interest in Contact Area CB/ONDSF/ELAO/2016.

The said contract area was awarded as a Revenue Sharing Contract by the Government of India to PFH Oil and Gas Private Limited under the Discovered Small Field Bid Round 1, 2016. It is a gas field located in the prolific Cambay Basin in Gujarat.

The management team believes that this acquisition would contribute to our Cambay Basin strategy and would bring in operational synergies with our existing asset p011folio.

The Companies shall now proceed with the requisite filings with the Directorate General of Hydrocarbons, Ministry of Petroleum & Natural Gas for transfer of Participating Interest and amendment to Revenue Sharing Contract.

Shares of Selan Exploration Technology Limited was last trading in BSE at Rs. 169.65 as compared to the previous close of Rs. 173.00. The total number of shares traded during the day was 2344 in over 187 trades.

The stock hit an intraday high of Rs. 172.50 and intraday low of 166.50. The net turnover during the day was Rs. 395847.00.

Source : Equity Bulls

Keywords

SelanExplorationTechnology INE818A01017 Acqusition ContractArea CambayBasin Gujarat