Hindustan Oil rises after Kharsang Block development update

Hindustan Oil Exploration Company gained 1.02% to Rs 188.15 after the company informed about the successful drilling and completion of Well KSG-71 in the Kharsang Block.

The company had initially planned to drill nine development wells in this Block.

The Well KSG-71 is under testing with various chokes from 6mm to 8 mm and the initial rate of oil production is about 250 barrels per day.

In further progress, the second well, KSG-72, has also been spud in the block, marking a significant resumption of drilling activities in this area after a 12-year interval.

The Well KSG-71 will be hooked up for production immediately with optimum choke after the completion of well testing.

The Kharsang Block encompasses an area of about 10 square kilometers in the Assam Arakan Basin.

Geoenpro Petroleum, a wholly owned step-down subsidiary of HOEC, is the operator of the Block with 10% participating interest (PI). HOEC holds 25% PI in the Block, resulting in a combined PI of 35% in the Block.

Hindustan Oil Exploration Company owns participatory interest in exploratory and production oil and gas assets across four basins in Assam (five projects), Mumbai Offshore (one project), Cambay Gujarat (three projects) and Cauvery Offshore (two projects).

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