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| Exchange Disseminated Time | With reference to the earlier announcement dated February 18, 2008, Hindustan Oil Exploration Company Ltd (HOEC) has informed BSE that the Company has, as the
Operator of PY-1 Field, executed the following agreements:
- A Tripartite Settlement Agreement with GAIL India Ltd ("GAIL") and PPN Power Generating Company Pvt Ltd ("PPN") inter-alia terminating the Natural Gas Sale and Purchase Agreement with PPN and settling the ongoing dispute with GAIL in relation to sale of natural gas from PY-1 Field including
a. the withdrawal of the petition filed by the Company before the Hon'ble High Court of Delhi for setting aside the arbitral award dated February 15, 2008;
b. the withdrawal of the petition tiled by GAIL before the Hon'ble High Court of Delhi for interim injunction; and
- A Gas Sale Contract with GAIL for sale of natural gas produced from PY-1 Field.
The Company expect PY-1 Field to generate annual revenue in excess of USD 65 million upon reaching first plateau production.
The Company has 100% operated participating interest in PY-1 Field. |
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