Hindustan Oil Exploration Company Ltd updates on Kharsang Block

Hindustan Oil Exploration Company Limited has announced the successful drilling and completion of Well KSG-71 in the Kharsang Block, where the initial plan is to drill nine development wells. This well is under testing with various chokes from 6mm to 8 mm and the initial rate of oil production is about 250 barrels per day. The second well, KSG-72, has also been spud in the Block. This marks a significant milestone, as drilling in this Block has been started after a 12-year gap. The Well KSG-71 will be hooked up for production immediately with optimum choke after the completion of well testing.

The Kharsang Block encompasses an area of about 10 square kilometers in the Assam Arakan Basin. Geoenpro Petroleum Limited, a wholly owned step-down subsidiary of HOEC, is the Operator of the Block with 10% Participating Interest (PI). HOEC holds 25% PI in the Block, resulting in a combined PI of 35% in the Block.

Shares of Hindustan Oil Exploration Company Limited was last trading in BSE at Rs. 189.20 as compared to the previous close of Rs. 186.25. The total number of shares traded during the day was 48174 in over 1110 trades.

The stock hit an intraday high of Rs. 193.00 and intraday low of 187.40. The net turnover during the day was Rs. 9164224.00.

Source : Equity Bulls

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HindustanOilExplorationCompany INE345A01011 HOEC KharsangBlock Updates