Moneycontrol
Last Updated : Sep 14, 2018 08:02 PM IST | Source: Moneycontrol.com

Vedanta rises 5% on gas discovery in KG basin

It has notified the oil ministry and the upstream regulator Directorate General of Hydrocarbons (DGH) about the discovery in well A3-2 in block KG-OSN-2009/3.

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Shares of Vedanta rose 5 percent intraday Friday after company announced hydrocarbon discovery in well A3-2 within its operated block KG-OSN-2009/3 within Krishna-Godavari Basin, East Coast of India.

Company holds 100 percent participating interest in the block.

In a regulatory filing, mining baron Anil Agarwal's company which had recently merged oil explorer Cairn India with itself, said it has notified the oil ministry and the upstream regulator Directorate General of Hydrocarbons (DGH) about the discovery in well A3-2 in block KG-OSN-2009/3.

"A3-2 is the first exploration well drilled within the KG-OSN-2009/3 block," it said. "Multiple reservoir zones were encountered in the Mesozoic rift formation between the depths of 3351-3944 meters with indications of hydrocarbon during drilling and formation evaluations."

One zone flowed gas to surface during well testing.

"Further appraisal will be required to assess the potential commerciality of this Mesozoic rift discovery," the firm added.

At 14:00 hrs Vedanta was quoting at Rs 232.90, up Rs 9.15, or 4.09 percent on the BSE.

With inputs from PTI
First Published on Sep 14, 2018 02:06 pm
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