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| Lesha Energy acquires Heramec |
| Vinay Umarji / Mumbai/ Ahmedabad Jul 28, 2009, 00:31 IST |
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To invest Rs 50 crore for expansion in oil exploration
In order to consolidate on its nascent oil exploration business, Ahmedabad-based Lesha Energy Resources Limited (LERL) has gained access to oil and gas fields in Cambay Basin, where Bahamas-based Heramec Ltd. has 30 per cent participating interest. Apparently, LERL has acquired Hyderabad-based Gorlas Oil and Gas Pvt. Ltd. (GOGPL), which is 100 per cent holding company of Heramec Ltd. for Rs 15.43 crore.
"Through Gorlas Oil and Gas Pvt. Ltd., we have acquired Bahamas-based Heramec Ltd. which has interests in few oil and gas fields around Cambay basin. Since Lesha Energy Resources is relatively new in oil exploration, the acquisition will give a tremendous boost to our business," said Shalin Shah, executive director of Lesha Energy Resources Limited.
Moving forward, LERL will also be investing around Rs 50 crore over a period of time for expanding its oil exploration business through Heramec.
Having acquired Heramec through GOGPL, Lesha Energy gains interests in six oil and gas fields including Allora, Dholasan, Kanawara, North Kathana, Unawa and North Balol. Apparently, Gujarat State Petroleum Corporation Limited (GSPC) is partnering in all the six fields.
Incorporated in 1999 in Bahamas, Heramec Ltd (Heramec) was acquired by Gorlas Oil and Gas Pvt. Ltd., from Hardy Oil and Gas in 2004 with discovered oil and gas fields in the Cambay basin, India. Currently, Heramec's oil production is around 500 barrels of oil equivalent (boe). By 2012, Heramec is looking at expanding production to 750 boepd. Moreover, the company expects its annual revenues to cross $ 6 million (Rs 30 crore approx.)
Heramec also plans to release drilling locations to explore the deeper zones while targeting production from already explored/producing zones.
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