HOEC Shuts Down well at PY-3 Field

Hindustan Oil Exploration Company Ltd (HOEC) has announced that Hardy Exploration & Production (India) Inc., the Operator of the PY-3 field has informed the Company that due to excessive water entering the PY-3-3RL well in PY-3 field, the Operator has shut-in the well resulting in a reduction in output from the field to the order of 1100 bopd. Efforts are currently ongoing to reactivate the well.

The Company has 21% participating interest in the said field.

The stock closed the day at Rs.107.35, down by Rs.2.25 or 2.05%. The stock hit an intraday high of Rs.108.35 and low of Rs.104.15. The total traded quantity was 99730 compared to 2 week average of 153005.

Source : Equity Bulls

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