Adani Enterprises Ltd updates on recent gas discovery by Adani Welspun Exploration Limited

Adani Enterprises Ltd had earlier announced on gas discovery in Mumbai Offshore's Tapti-Daman Sector by Adani Welspun Exploration Limited ("AWEL"), a joint venture company between Adani Group (65% shareholding) and Welspun Enterprises Limited (35% shareholding). Now, Format - B has been uploaded on Directorate General of Hydrocarbons ("DGH") portal by AWEL which states that gas discovery made and announced earlier has got potential commercial interest. The drilling of an exploratory well in the NELP-VII area (MB-OSN-2005/2) in March 2021 has struck substantial quantities of gas and condensate at three reservoir levels. The pay zones and flow rates encountered have exceeded AWEL's initial estimates. Out of the three potential zones identified two objects were tested by Drill Stem Testing (DST), flowed substantial gas and condensate to surface. Object -I (3m) a clean sandstone reservoir flowed 9.7 million standard cubic feet per day (mmscfd) of gas along with 378 barrels/day of condensate through a 28/64" choke with a flowing tubing head pressure (FTHP) of 2659 psi. Object-II (15m) another thick clean sandstone reservoir flowed 9.1 mmscfd of gas along with 443 barrels /day of condensate through a 28/64" choke with a FTHP of 2566 psi.

Preliminary analysis of the data indicate that the Block has a high potential of commerciality with Gas Initially Inplace Place (GIIP) Contingent resources (2C) to the tune of 514 billion cubic feet (BCF) with additional Prospective resources of 50 BCF. Additionally, seismic inversion, convential core and PVT studies of data collected from the discovery well are being analysed to assess the full potential of the find; preliminary results indicate potential upsides to estimated resources.

Shares of ADANI ENTERPRISES LTD. was last trading in BSE at Rs.1220.05 as compared to the previous close of Rs. 1284.65. The total number of shares traded during the day was 446220 in over 9002 trades.

The stock hit an intraday high of Rs. 1302.85 and intraday low of 1213.05. The net turnover during the day was Rs. 554649200.

Shares of Welspun Enterprises Ltd was last trading in BSE at Rs.105.1 as compared to the previous close of Rs. 108.4. The total number of shares traded during the day was 29625 in over 889 trades.

The stock hit an intraday high of Rs. 110.55 and intraday low of 104.35. The net turnover during the day was Rs. 3184998.

Source : Equity Bulls

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