Videocon Ind gains on new oil discovery in Brazil

The discovery well is located in ultra deep waters of Sergipe Alagoas Basin

Shares of Videocon Industries were up 2% after the company announced new oil discovery in ultra deep waters of Sergipe Alagoas Basin in Brazil.

The discovery well 1-SES-166, informally called 'Cumbe' is located 109 kms from the city of Aracaju in water depth of 2,313 mts, the company said in a filing to the Bombay Stock Exchange.

"The notable achievement of successive hydrocarbon discoveries in the Sergipe Concession, has enhanced the quantum of hydrocarbon resources already established in the Sergipe Basin and is a further addition to the discoveries already made in our Concessions in the Campos and Espirito Santo Basins thereby underlining the value of our efforts in Brazil," said Pradip N Dhoot, Dubai-based Director of Global E & P business of Videocon Hydrocarbon Holdings Ltd.

Over 600,000 shares were traded so far on both the stock exchanges.