Cairn India gains on new oil discovery in Rajasthan
The volumes of oil in place and the potential resource base associated with this discovery are under evaluation.
Cairn India is trading higher by 3% to Rs 294 after the oil exploration and production firm said that it has struck fresh oil in the Barmer Block in Rajasthan.
“The company has made its latest oil discovery, the 26th discovery so far in the RJ-ON-90/1 block, following recent policy clarity by Government of India (GoI) to conduct exploration activity in development blocks,” Cairn India said in a BSE filing.
The volumes of oil in place and the potential resource base associated with this discovery are under evaluation, it added.
“We are delighted with the 26th discovery in the block. This reaffirms our belief that an aggressive exploration drilling programme will help harness the full potential of the Barmer Basin in Rajasthan,” said Mr. Elango P, Member of the Board, Cairn India.
The stock opened at Rs 291 and hit a high of Rs 295 in early morning deals on BSE. A combined 360,000 shares have changed hands on the counter till 0920 hours on BSE and NSE.
“The company has made its latest oil discovery, the 26th discovery so far in the RJ-ON-90/1 block, following recent policy clarity by Government of India (GoI) to conduct exploration activity in development blocks,” Cairn India said in a BSE filing.
The volumes of oil in place and the potential resource base associated with this discovery are under evaluation, it added.
“We are delighted with the 26th discovery in the block. This reaffirms our belief that an aggressive exploration drilling programme will help harness the full potential of the Barmer Basin in Rajasthan,” said Mr. Elango P, Member of the Board, Cairn India.
The stock opened at Rs 291 and hit a high of Rs 295 in early morning deals on BSE. A combined 360,000 shares have changed hands on the counter till 0920 hours on BSE and NSE.