Videocon Ind gains on new gas discovery in Mozambique block
The Orca-1 discovery well encountered approximately 190 net feet (58 meters) of natural gas pay in a Paleocene fan system.
Videocon Industries is trading higher by 4.2% at Rs 222 after the company said Texas-based Anadarko Petroleum announced new natural gas discovery in Mozambique.
"Videocon Industries advises that Anadarko Petroleum Corporation operator of Rovumal block, offshore Mozambique, announced the discovery of a new natural gas accumulation within the Offshore Area 1 of the Rovuma Basin," the company said in a filing with the Bombay Stock Exchange (BSE).
The Orca-1 discovery well encountered approximately 190 net feet (58 meters) of natural gas pay in a Paleocene fan system, it added.
Videocon held 10% stake in six blocks in the deep-water Rovuma Basin, off the Mozambique coast. The stakes are held by its wholly owned subsidiary - Videocon Hydrocarbon Holdings.
The stock opened at Rs 215 and touched high of Rs 226 on NSE. A combined 95,570 shares have changed hands on the counter till 0945 hours on NSE and BSE.
"Videocon Industries advises that Anadarko Petroleum Corporation operator of Rovumal block, offshore Mozambique, announced the discovery of a new natural gas accumulation within the Offshore Area 1 of the Rovuma Basin," the company said in a filing with the Bombay Stock Exchange (BSE).
The Orca-1 discovery well encountered approximately 190 net feet (58 meters) of natural gas pay in a Paleocene fan system, it added.
Videocon held 10% stake in six blocks in the deep-water Rovuma Basin, off the Mozambique coast. The stakes are held by its wholly owned subsidiary - Videocon Hydrocarbon Holdings.
The stock opened at Rs 215 and touched high of Rs 226 on NSE. A combined 95,570 shares have changed hands on the counter till 0945 hours on NSE and BSE.