Selan Exploration Technology shares rallied nearly 4 percent intraday Tuesday after the company received approval of 10-year extension for Lohar field contract.
The stock was quoting at Rs 181.00, up Rs 2.75, or 1.54 percent on the BSE, at 12:05 hours IST.
The company said it has received a letter from the Ministry of Petroleum and Natural Gas stating they have approved the proposal for grant of extension of 10 years w.e.f. March 13, 2020 for the entire contract area measuring 5 square Km of Lohar field.
The letter further requests the Directorate General of Hydrocarbons to inform the company about the approval of extension of the PSC for the Lohar field, as per extant policy for extension of PSC for small, medium and discovered field, 2016, it added.
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