Reliance Ind gains on new gas condensate discovery

The stock was up 2% at Rs 824 with a combined 2.93 million shares changing hands till 1416 hours on BSE and NSE.

Reliance Industries (RIL) has moved higher by over 2% at Rs 824 in later noon deals after the company and BP announced a new gas condensate discovery off the east coast of India in the Cauvery Basin.

The discovery, in the deepwater block CY-DWN-2001/2 (CYD5), is situated 62 kilometers from the coast in the Cauvery Basin and is the second gas discovery in the block. RIL is the operator with 70% equity and BP has a 30% share, RIL said in a statement.

Preliminary evaluation of well data and fluid samples indicated presence of gas condensate in the reservoir interval with a gross column of 143 meters. The well reached its total depth in early August and RIL, as operator, has conducted drill stem test (“DST”) to evaluate the potential of the discovery, it added.

The company said, the well which had the initial reservoir pressure of 8000 psi flowed gas at the rate of 35.2 million standard cubic feet per day with condensate at the rate of 413 barrels per day through 52/64” choke during DST. Well flow rates during such tests are limited by the rig and well test equipment configuration.

The stock opened at Rs 812 and touched a low of Rs 809 in early morning deals on BSE. A combined 2.93 million shares change hands on the counter so far on BSE and NSE.