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Natural resource major Vedanta, in a regulatory filing, announced that it has discovered natural gas in its block KG-OSN-2009-3 in the Krishna-Godavari basin in the Bay of Bengal. The filing added that the company owns a 100% participating interest in the block.
The exploration was made in the first well, A3-2, drilled within the block. Apart from this, the company stumbled upon multiple reservoir zones in the Mesozoic rift formations with indications of hydrocarbon during drilling and formation evaluations. Moreover, one zone flowed gas to surface during well testing. However, it clarified that “further appraisal will be required to assess the potential commerciality of this Mesozoic rift discovery.”
Meanwhile, mining baron Anil Agarwal’s Vedanta is primarily involved in producing oil and gas, zinc, lead, silver, copper, iron ore, aluminum and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland. Further, its subsidiary Cairn Oil and Gas operates six blocks of which five are located in India. Last week, state-run ONGC had also made discoveries in MP and West Bengal.
The company's stock ended at Rs223.75 up by Rs4.35 or 1.98% from its previous closing of Rs219.40 on the BSE.
The scrip opened at Rs222.10 and touched a high and low of Rs225.75 and Rs219.15 respectively. A total of 96,74,065 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs83,172.22cr.
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