Selan surges on hopes of production ramp-up
Reuters Market Eye - Oil and gas explorer Selan Exploration Technology surges 7 percent.
Heads towards biggest daily gain since Sept.
Stock jumps in anticipation of production ramp-up, say traders.
Broker Sharekhan says company is taking steps to commercialise some of the 11 wells drilled earlier in 2014.
Says management guides production volumes of 0.5-0.6 mln bbl annually in the next 2-3 years, up from 0.16 mln bbl in FY14.
Recent slump in crude oil prices already discounted, traders add.
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Selan trading at 10.8x of F12M earnings compared with 24.35x for rivals.
(Reporting by Abhishek Vishnoi)