Interlink Petroleum Limited (IPL) is a public limited company, incorporated in 1993, under the laws of India and is listed on the Bombay Stock Exchange. IPL has been engaged in the exploration and production of oil & gas since 1995.
Following the liberalization of the hydrocarbon sector by the Government of India, IPL was among the early private sector companies that was awarded the rights to develop hydrocarbon assets, in the case of IPL, the discovered Baola and Modhera fields. Located in the state of Gujarat, the Production Sharing Contract (PSC) for the Baola field was signed in 1995. This was followed by the signing of the PSC, in 2001, for the Modhera oil field.
Both the fields are located in the petroliferous Cambay basin which has excellent infrastructure and is in close proximity to the market for oil and gas. Upon the grant of permission to produce from Baola in 2001 after the carrying out of the necessary development work, IPL commenced the production of gas @12000 Standard cubic metres/day through well Baola No. 1.
IPL supplied produced gas to the consumer base in the local area. The Mining Lease (ML) for the field was formally granted in 2004. However, production had to be suspended (due to water ingress in the well) by the end of 2004.
In 2008, Jit Sun Investment Pte. Ltd., a company incorporated under the laws of Singapore, assumed majority control of IPL through the infusion of fresh capital. Under the management stewardship of Jit Sun, the 3D seismic data acquisition, processing and interpretation of the field was completed as planned. The Company is currently at an advanced stage of preparing for the drilling of a new well in the Baola field.
In early 2010, the Company also raised funds through a Preferential Allotment of equity shares to four non promoter foreign companies for the funding of drilling operations in Baola & Modhera. Further, during the year 2010, Jit Sun Investments Pte. Ltd. Singapore, the Promoter of the Company, transferred its entire shareholding in the Company (1, 03, 10,000 Equity shares representing 41.37% of the paid up capital of the Company) to its wholly owned subsidiary, Loyz Oil Pte. Ltd., Singapore, with due compliance of SEBI (SAST) Regulations.
Jit Sun Investments Pte Ltd. and Mr. Kenneth Gerard Pereira, the Managing Director of the Company, have on 28th April 2010, entered into a Share Purchase Agreement with Sim Siang Choon Ltd., a company listed on the Singapore Stock Exchange, proposing to sell their shareholding (total of 11,934,000 shares) in the Company, subject to approval of the relevant authorities in India and Singapore in exchange for shares in Sim Siang Choon Ltd. The said transaction has since been completed and Sim Siang Choon Ltd. Currently controls 47.88% of IPLs paid up capital.
In respect of Modhera field, though the PSC was signed in 2001, the Mining License for the same was issued in November 2008. The Company has acquired 3D Seismic data from Modhera and the same has been processed and interpreted. Based on the results, a well is proposed to be drilled in 2010-11.
The induction of members to the Board of Directors of IPL with vast experience in oil and gas industry will enable the Company to move ahead and transform itself into a vibrant and innovative E&P company.