Deep Industries Updates on CBM blocks

Deep Industries Ltd has announced about the following:

1. CBM Blocks:

The Company has signed contract with Government of India for Coal Bed Methane (CBM) Blocks at Singrauli (Madhya Pradesh) & Godavari Valley (North) (Andhra Pradesh) for exploration of Coal Bed Methane gas under CBM Round III of bids invited by the Government of India.

These two blocks are in partnership with Coal Gas Mart, USA. According to the agreement, CBM Block at Singrauli covers an area of 330 sq. km. and is estimated to contain 31 Billion Cubic Meters (BCM) (1.1 TCF) (Trillion Cubic Feet) of gas and CBM Block at Godavari Valley covers an area of 386 sq. km. and is estimated to contain 29.65 BCM (1.05 TCF) of gas.

2. Work Over Rig:

Further, the Company has obtained Notification of award from ONGC, Rajahmundry asset for charter hiring of one 100 ton capacity work over rig for a period of Two Years. The value of the contract is approximately Rs 9.5 crores.

3. Compression Services:

The Company has obtained Notification of Award from ONGC, Rajahmundry asset for hiring of services for LP Gas compression at Kesanapalli (West) - GGS for 2 years. The value of the Contract is approximately Rs 7 crores.

Source : Equity Bulls

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