The announcement that their Mozambique subsidiary has struck gas led to a spurt in the price of both BPCL and Videocon Industries Ltd today.
BPCL said that Bharat Petrokesources Ltd (BPRL), its wholly owned subsidiary, has said that that Anadarko Mocambique Area 1 Limitada, the operator of exploration block in offshore Mozambique, had announced that with the latest Atum discovery well encountering more than 92 net metres of natural gas pay in two high quality Oligocene fan systems, another significant natural gas discovery has been made within the block.
The preliminary data showed this discovery to be connected to the recently announced Gollinho discovery located approximately 16.5. km to the North West in the same block.
This held 10 to 30 plus trillion cubic feet (tcf) of incremental recoverable natural gas resources and the total recoverable natural gas in the block could be between 30 to 60 tcf.
BPCL and Videocon’s Mozambique subsidiaries are two of the consortium members each holding 10 per cent PI.
There was heightened interest in the two counters after the gas find announcement. While BPCL stock spurted Rs 18.50 to Rs 721, shares of Videocon Industries were up Rs 11.45 or 6.75 per cent to Rs 181 on the BSE.