Moneycontrol
Feb 16, 2017 10:52 AM IST | Source: Moneycontrol.com

HOEC hits 1-year high on contracts win from Govt of India

The company has received two contract in consortia with Oil India, Prize Petroleum and other private company from government of India in the recently concluded bidding for discovered small field bids round.

HOEC hits 1-year high on contracts win from Govt of India
Moneycontrol Bureau

Shares of Hindustan Oil Exploration Company (HOEC) touched 52-week high of Rs 78.90, up 6.7 percent intraday Thursday on the back of 2 contracts received from government of India.

The company has received two contract in consortia with Oil India, Prize Petroleum and other private company from government of India in the recently concluded bidding for discovered small field bids round.

"One of the contract area is offshore field B-80, located in the Mumbai Offshore and the other contract area is onshore field Kherem located in Arunachal Pradesh," as per company release.

The company has 50 percent participating interest in the offshore field B-80 and 40 percent in the onshore field Kherem.

P. Elango, Managing Director of HOEC, "With innovative and cost effective development, these fields can be put on production at the earliest. These blocks have substantial upside to unlock reasonable value to all stakeholders including the Government of India."

At 10:43 hrs Hindustan Oil Exploration Company was quoting at Rs 76.70, up Rs 2.75, or 3.72 percent on the BSE.

Posted by Rakesh Patil
Sections
Follow us on
Available On