HOEC surges on government nod for commercialisation of Dirok block

The stock surged 13% to Rs 42.80 on the BSE.

Hindustan Oil Exploration Company (HOEC) has surged 13% to Rs 42.80 on the BSE after the company announced that the government has approved the commercialisation of Dirok block in Assam.

“Subsequent to the approval by the Ministry of Petroleum and Natural Gas (MoPNG) and Directorate General of Hydrocarbons to commerciality of ‘Dirok’ hydrocarbon discovery in block AAP-ON-94/1 located in Assam-Arakan basin, HOEC, as the operator of the block had prepared and submitted filed development plan for Dirok discovery with management committee with the objective to bring the first gas to the market in an accelerated manner,” the company said in a statement.

The management committee consisting government nominees have approved the field development plan for Dirok discovery, it added.

HOEC owns 26.9% participating interest in the block. The other consortium partners include Oil India and Indian Oil Corporation. The stock hit a high of Rs 43.50 and has seen a combined 5.31 million shares changing hands on the counter on the BSE and NSE till 1254 hours.