Mercator shines as arm makes its first oil discovery

02 Jun 2015

Mercator is currently trading at Rs 18.25, up by 2.05 points or 12.65% from its previous closing of Rs. 16.20 on the BSE.

The scrip opened at Rs. 16.35 and has touched a high and low of Rs. 19.15 and Rs. 16.10 respectively. So far 659267 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 1 has touched a 52 week high of Rs. 41.40 on 25-Jun-2014 and a 52 week low of Rs. 16.00 on 29-May-2015.

Last one week high and low of the scrip stood at Rs. 16.50 and Rs. 16.00 respectively. The current market cap of the company is Rs. 396.73 crore.

The promoters holding in the company stood at 40.22% while Institutions and Non-Institutions held 17.50% and 42.28% respectively.

Mercator’s subsidiary Mercator Petroleum (MPL) has made its first oil discovery. Crude oil flowed from its well, Jyoti-1 onto the surface in presence of the DGH representative. This discovery was from the very first well drilled by MPL. The same has been informed to the Directorate General of Hydrocarbons (DGH).

The well was drilled in compliance with all the technological and ecological standards & requirements to a depth of 2936 m penetrating multiple oil & gas shows. The zone in the interval 2575 to 2580m (Hand Member of Ankleshwar Formation) was perforated and flowed oil at the rate of 830 bopd through 32/64' choke size. The oil is light and of very good quality with 41 degree API. The discovery forms part of the block CB-ONN-2005/9.

Mercator is the second-largest private sector shipping company on a consolidated basis in India, in terms of tonnage capacity. The group has a presence in varied segments namely shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics.

Related Mercator Ltd. Links:

Mercator Share Price

1.03 -0.01 (-0.96%) Feb 26, 18:55
1 Year Price Chart
Peers
Company Name CMP
Shipping Corpn. 99.95
GE Shipping 312.05
Dredging Corp 411.70
Shreyas Shipping 81.05
Essar Shipping 9.10
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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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