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| Exchange Disseminated Time | Hindustan Oil Exploration Company Ltd has informed BSE about update on testing in Block AAP-ON-94/1.
Announcement:
"Further to the announcement dated July 22, 2010, the Company has conducted a drill stem test (DST) covering about 6 meters (in one gas bearing zone) out of total of about 150 meters net thickness (in 15 gas bearing reservoir zones) in Dirok-2 Appraisal Well based on Schiumberger log interpretation.
The DST has resulted in flow of natural gas at an initial rate of approximately 6.50 million standard cubic feet per day (mmscfd) along with condensate at an initial rate of approximately 140 barrels per day through a 32/64" choke.
The Company (the Operator), Indian Oil Corporation Ltd and Oil India Ltd presently have 40.323%, 43.548% and 16.129% participating interest respectively in the exploration phase.
Oil India Ltd, the licensee of the block, has an option under the Production Sharing Contract to acquire additional 30% participating interest in the development and production phase. Should, Oil India Ltd exercise this option, the revised participating interest in the development and production phase shall be 26.882%, 29.032% and 44.066% for the Company, Indian Oil Corporation Ltd and Oil India Ltd respectively." |
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