Hind Oil: Gains on new finds

STOCKS IN THE NEWS

The stock was the largest gainer in the B-1 group, appreciating 46 per cent during the week from Rs 68 to Rs 99.20. A total of 3.36 crore shares changed hands on BSE and NSE during the week as against 24 lakh shares in the previous week. The combined turnover of the stocks increased more than 17-fold in a week, from Rs 16.67 crore to Rs 295.17 crore.

The trigger for the stock was the company's announcement about the find of hydrocarbon bearing sands at SPD-1 located south of its Pramoda Oil Field in Block CB-ON-7, onshore Cambay Basin. The testing of Hazad formation sand resulted in crude oil at an initial rate of 315 barrels per day and associated natural gas through 5 mm bean.

Hindustan Oil Exploration is the operator of the CB-ON-7 block and holds 50 per cent participating interest during the exploration phase. Gujarat State Petroleum Corporation and Oil and Natural Gas Corporation (Licensee) are the consortium partners in the said block.

The company also drilled exploration well, Deva-1 in Block CB-ON-7 and found hydrocarbon during drilling as well as in SWC samples. The Deva-1 well has been plugged, till its potential is established.