ONGC clarifies on acquisition of stake in two Siberia oilfields

The Exchange had sought clarification from Oil & Natural Gas Corporation Ltd with respect to news article appearing in Financial Chronicle on March 12, 2015 titled "OVL in talks to buy stake in two Siberia oilfields".

Oil & Natural Gas Corporation Ltd has replied stating that "ONGC Videsh, the overseas arm and 100% subsidiary of Oil and Natural Gas Corporation Limited (ONGC), is regularly in the process of scouting for E&P opportunities worldwide and, as a part of these efforts, is routinely engaged with many overseas E&P companies, including Russian companies.

Accordingly, ONGC Videsh was in preliminary discussions with a Russian Oil Company for possible acquisition of Participating Interest in two Siberian oil fields.

Intimation to Stock Exchanges in terms of Clause 36 of the Listing Agreement would be submitted upon finalization of the transactions, if any. At this stage, media has picked up the news from statement of the Hon. Minister in the Parliament in reply to a parliament question."

Shares of OIL AND NATURAL GAS CORPORATION LTD. was last trading in BSE at Rs.309.2 as compared to the previous close of Rs. 313.9. The total number of shares traded during the day was 632064 in over 9148 trades.

The stock hit an intraday high of Rs. 315 and intraday low of 308.25. The net turnover during the day was Rs. 195692223.

Source : Equity Bulls

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