Guwahati, Dec 24 : Assam Company announced the latest business development in the operations of the company`s Oil & Gas Division.
Assam Company expands its exploration & production asset portfolio by adding one more block - AA-ONN-2005/1, the only block in Assam Arakan basin offered under NELP-VII.
This block was won by the company along with Oil and Natural Gas Corporation (ONGC) and Oil India (OIL). The company has signed production sharing contract with ministry of petroleum and natural gas on Dec. 22, 2008 along with the other consortium members, ONGC and OIL. The company has 10% participation interest in this block. ONGC is the operator.
This block covers an area of 363 sq. km. and has high prospect of oil and gas reserve having located in rich basin area. With the addition of this exploration & production asset base, the company looks forward to grow faster in its existing oil and gas business.
Shares of the company declined Rs 0.07, or 0.71%, to trade at Rs 9.85. The total volume of shares traded was 36,929.00 at the BSE (1.15 p.m., Tuesday).
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