Oil exploration stocks rally; Dolphin Offshore, Aban Offshore up over 7%

Selan Exploration, Hindustan Oil Exploration Company and Jindal Drilling were up between 5% and 6 on BSE.

Shares of oil exploration, equipment and services companies were trading higher on the bourses by up to 11% in the morning deal after oil prices soared more than 3% on Monday, with Brent hitting its highest in more than two years.

Dolphin Offshore Enterprises, Aban Offshore, Selan Exploration Technology, Hindustan Oil Exploration Company and Jindal Drilling were up between 5% and 11% on BSE. Oil and Natural Gas Corporation (ONGC) and Oil India up 2% each, as compared to 0.12% decline in the S&P BSE Sensex at 09:27 AM.

The November Brent crude futures contract settled up$2.16, or 3.8 percent, at $59.02 a barrel, its highest since July, 2015. US West Texas Intermediate crude for November delivery rose $1.56, or 3 percent, to settle at $52.22 a barrel, the highest since April, the Reuters report suggested.

COMPANY	LATEST	PREV CLOSE	GAIN(%)
DOLPHIN OFFSHORE	97.40	88.05	10.6
ABAN OFFSHORE	192.30	178.45	7.8
JINDAL DRILLING	168.50	159.05	5.9
SELAN EXPL. TECH	190.20	180.20	5.6
HIND.OIL EXPLOR.	85.20	81.30	4.8
ALPHAGEO (INDIA)	802.35	771.25	4.0
O N G C	168.15	164.45	2.3
OIL INDIA	336.50	331.20	1.6