Essar Oil zooms on registering rise in reserves from Raniganj CBM block

Nayara Energy Ltd. | Refineries | Oil & Gas | BSE: 500134 | NSE: ESSAROIL

24 Jan 2012 Evaluate

Essar Oil is currently trading at Rs. 55.30, up by 1.75 points or 3.27% from its previous closing of Rs. 53.55 on the BSE.

The scrip opened at Rs. 54.45 and has touched a high and low of Rs. 55.75 and Rs. 54.00 respectively. So far 623171 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 147.80 on 11-Apr-2011 and a 52 week low of Rs. 44.80 on 18-Jan-2012.

Last one week high and low of the scrip stood at Rs. 55.75 and Rs. 44.80 respectively. The current market cap of the company is Rs. 7531.65 crore.

The promoters holding in the company stood at 15.96% while Institutions and Non-Institutions held 4.22% and 5.83% respectively.

Subsidiary of Essar Energy -- Essar Oil’s independently verified proven and probable (2P) reserves and best estimate (2C) contingent gas resources at its Raniganj coal bed methane (CBM) exploration block in West Bengal have been significantly increased. Essar Oil has 100 percent interest in the block.

The total proven and probable reserves (2P) at Raniganj, evaluated as on September 1, 2011, are 113 billion cubic feet (bcf) gross, or 18.8 million barrels of oil equivalent (mmboe), while best estimate contingent resources (2C) are 445 bcf gross, or 74.1mmboe.

This compares with the previous evaluation in December 2009 which showed 201bcf gross, or 34mmboe, of 2C resources. Both evaluations were carried out by international consultants Netherland, Sewell & Associates, Inc. (NSAI).

The latest evaluation also shows that there also remains 297 bcf gross or 49 mmboe of best estimate prospective resources of gas at Raniganj.

Current production at Raniganj is around 22,000 standard cubic metres of gas per day (0.022 million standard cubic metre a day) -- as against an estimated peak production of 3.5 million standard cubic metre a day.

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