Mercator rallies on oil discovery in second Cambay well
Mercator Ltd surged as much as 8.09 per cent in trade after one of the subsidiaries of the Company discovered crude oil in the second well.
By ET Online |
NEW DELHI: Mercator Ltd surged as much as 8.09 per cent in trade on Thursday, after the company informed BSE that its arm Mercator Petroleum Ltd (MPL) had discovered crude oil in the second well of Cambay Basin, India.
The discovery is Mercator's second oil discovery after the recent Jyoti-1 success. It further said that MPL has been awarded 2 oil blocks in Cambay Basin under NELP VII by the government.
The stock hit a low of Rs 24 and a high of Rs 25.40 in trade today on the BSE.
The oil discoveries that came in quick succession not only substantiate the high prospectively of the area but also provide encouraging and positive inputs for pursuing the exploration program further with identified prospects and leads, said the company in a filing with the BSE.
The discovery is Mercator's second oil discovery after the recent Jyoti-1 success. It further said that MPL has been awarded 2 oil blocks in Cambay Basin under NELP VII by the government.
The stock hit a low of Rs 24 and a high of Rs 25.40 in trade today on the BSE.
The oil discoveries that came in quick succession not only substantiate the high prospectively of the area but also provide encouraging and positive inputs for pursuing the exploration program further with identified prospects and leads, said the company in a filing with the BSE.
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