Wednesday, December 24, 2008

ssam Company adds one more block Assam Arakan basin

Assam Company Ltd expands its Exploration & Production asset portfolio by adding one more Block - AA-ONN-2005/1, the only Block in Assam Arakan basin offered under NELP-VII. This Block was won by the company along with Oil and Natural Gas Corporation Ltd (ONGC) and Oil India Ltd (OIL). The Company has signed Production Sharing Contract with Ministry of Petroleum and Natural Gas on December 22, 2008 along with the other consortium members, ONGC and OIL. The company has 10% participation interest in this Block. ONGC is the operator.

This Block covers an area of 363 Sq. Km. and has high prospect of oil and gas reserve having located in rich Basin area. With the addition of this Exploration & Production asset base, the company looks forward to grow faster in its existing oil and gas business.

The stock was trading at Rs.9.62, down by Rs.0.30 or 3.02%. The stock hit an intraday high of Rs.9.94 and low of Rs.9.50.

The total traded quantity was 67053 compared to 2 week average of 136533.

Deep Industries-New Block

MUMBAI, Dec 24 (Reuters) - A consortium of oil and gas services firm Deep Industries Ltd been awarded a block in Satpura-Rewa in the central state of Chattisgarh.

Deep Industries holds 70 percent in the block, it said in a statement to the BSE.

Aty 2:45 p.m., shares in the company were up 8.4 percent at 46.60 rupees in a weak Mumbai market. (Reporting by Jasudha Kirpalani, Editing by Ramya Venugopal)