Wednesday, April 28, 2010
RIL MAKES 4TH OIL DISCOVERY IN BLOCK CB-ONN-2003/1.
ANNOUNCEMENT ON NSE WEB SITE
Reliance Industries Limited has informed the Exchange regarding a media release dated April 28, 2010, titled "RIL makes Fourth Oil Discovery in block CB-ONN-2003/1". A copy of the media release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details see NSE web site.
BRIEF OF THE NEWS :
RIL MAKES 4TH OIL DISCOVERY IN BLOCK
This block had been awarded to RIL under NELP-V round of exploration bidding
This block is located at about 130 km from Ahmedabad in Cambay basis. The block covers an area of 635 sq kms in two parts A and B.
RIL, as operator, holds 100 % participating interest.
14 exploratory wells are drilled so far. RIL is further continuing with its drilling efforts. This discovery, named ‘Dhiribhai-47’ ,the fourth well in the block do far, has been notified to GOI and DGHC.
The potential commercial interest of the discovery is being ascertained through more data gathering and analysis
COMMENTS : RIL is most likely to succeed in a big way in this basin. It might take some time in commercializing this oil interest. But, it will significantly enhance RIL's balance sheet and profits.