Videocon Industries Global subsidiary enters into Production Sharing Contract with Timor Sea Designated Authority

Videocon Industries Ltd has announced that the Company's Global subsidiary has entered into a Production Sharing Contract with Timor Sea Designated Authority for JPDA Block # 06-103 within the Bonaparte Basin, along with its equal JV Partners Oilex of Australia (Operator), Gujarat State Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd. The Consortium has agreed to complete a guaranteed Work Programme of acquiring 1006 line Kms of 2D Seismic and 1020 Sq. Kms of 3D Seismic and drill 4 Wells in the First Phase of three years.

The risked reserves in the Block are estimated at 47 million barrels of Oil/Oil Equivalent.

Source : Equity Bulls

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