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Mercator soars as its arm makes oil discovery at Cambay Basin

20 Aug 2015 Evaluate

Mercator is currently trading at Rs. 24.30, up by 0.80 points or 3.40% from its previous closing of Rs. 23.50 on the BSE.

The scrip opened at Rs. 24.70 and has touched a high and low of Rs. 25.40 and Rs. 23.75 respectively. So far 1679808 shares were traded on the counter.

The BSE group 'B ' stock of face value Rs. 1 has touched a 52 week high of Rs. 37.20 on 21-Aug-2014 and a 52 week low of Rs. 14.55 on 03-Jun-2015.

Last one week high and low of the scrip stood at Rs. 25.40 and Rs. 20.10 respectively. The current market cap of the company is Rs. 582.84 crore.

The promoters holding in the company stood at 40.22% while Institutions and Non-Institutions held 16.94% and 42.84% respectively.

Mercator’s subsidiary Mercator Petroleum (MPL) has made an oil discovery in well lyoti-2, Block CB-ONN-2005/9 of Cambay Basin, India. This discovery is Mercator’s second oil discovery after the recent Jyoti - 1 success. The Block was awarded during the NELP-VII bidding. The discovery has been notified 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 2806 meters penetrating various hydrocarbon layers. Multiple zones were perforated and the well flowed very good quality light oil of 41°API at 2000 BOPD through 32/64” choke and up to 5000 BOPD through 64/64” choke.

These flow rates were better than those observed in the first discovery. Both the discoveries (Jyoti -1 & Jyoti -2) in quick succession not only substantiates the high prospectively of the area but also provides encouraging and positive inputs for pursuing the exploration program further with identified prospects and leads.

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.

 

Mercator Share Price

0.84 0.00 (0.00%)
10-Mar-2023 18:02 View Price Chart
Peers
Company Name CMP
Shipping Corpn. 305.85
GE Shipping 1425.30
Dredging Corp 976.65
Seamec 1556.00
Shreeji Ship.Global 377.10
View more..

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