At meeting held on 04 April 2018
Hindustan Oil Exploration Company announced that the Board of Directors of the company at its meeting held on 04 April 2018 have accorded approval to the acquisition of the entire share capital of Geopetrol International Inc. (Geopetrol), a company incorporated in Republic of Panama, from Geofinance Petroleum S.A.The company has entered into a Share Purchase Agreement to acquire the entire share capital of Geopetrol international Inc., which is a party to number of oil and gas assets in India, including the Kharsang Oil field in the state of Arunachal Pradesh which is under production with 30% participating interest both directly and indirectly.
HOEC has two operating assets one at Assam, Dirok oil and gas producing field and the other at Kherem at Arunachal Pradesh. This acquisition would enhance the operating synergy and optimise the costs.
The indicative time period for the completion of the entire process is expected on or before 15 April 2018.
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