Videocon Industries up 8% on gas discovery at Mozambique

Videocon Industries gained as much as 8.34% to intraday high of Rs 183.70 after the company announced the Atum exploration well discovered another significant natural gas accumulation within the offshore area 1 of the Rovuma basin.

In a release sent to BSE, company said, "The Atum discovery well encountered more than 300 net feet of natural gas pay in two high-quality Oligocene fan systems, Preliminary data indicates this latest discovery is connected to the partnership's recent Golfinho discovery located approximately 10 miles (16.5 kilometers) to the northwest in the offshore area 1."

Anadarko Petroleum Corporation is the operator in the offshore area 1 with a 36.5% working interest and Videocon holds 10% working interest. Mitsui E&P Mozambique Area 1 holds 20%, BPRL Ventures Mozambique B.V. 10% and Cove Energy Mozambique Rovuma Offshore 8.5%.
 
At 12:02 hours IST, the share was trading at Rs 181.55, up 7.08%. Market capitalisation of the company currently stands at Rs 5,787.30 crore.
 
Even its trading volumes increased 397% to 6,53,620 shares as compared to its 5-day average of 131,490 shares.