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Videocon Industries’ arm announces successful flow test in Offshore Mozambique

Videocon Industries Ltd. | Consumer Durables - Electronics | Consumer Durables | BSE: 511389 | NSE: VIDEOIND

13 Mar 2012 Evaluate

Videocon Industries’ wholly owned subsidiary -Videocon Hydrocarbon Holdings -Barquetine 2 appraisal well (Rovuma Basin, Area 1, Mozambique offshore) has successfully completed its flow test as well has flowed at an equipment constrained rate of approximately 90 to 100 million cubic feet per day (MMcf/d), with minimal pressure drawdown, providing confidence in well designs that are capable of 100 to 200 MMcf/d. This was advised by Anadarko Mocambique Area 1 Limitada, the operator of exploration block in Rovuma Area 1, offshore Mozambique. The Barquetine 2 appraisal well is located in water depths of approximately 1650 m in the Offshore Area 1 of the Rovuma Basin.

The operator also informed that the flow test confirmed the reservoir connectivity and continuity over a distance of more than 3 kilometers by using pre-set gauges in an offset well. The test also proves the reservoir has a very high permeability meeting the quality specification for the partnership’s LNG development shares and is an important component in the reserve certification process as the partnership focuses on achieving FID around end 2013.

The drill system was conducted by the Deepwater Millennium Drillship, which is expected to be mobilized to the Barquetine -I well for second flow and interference test in the complex comprising the Windjammer, lagosta, Barquetine and Camarao discovery wells. The 2012 testing program also includes drillstem tests in Lagosta and Camaroa areas to the South of Barquetine.

The consortium members in the block are Anadarko Mocambique Area 1 Limitada (36.5% PI), BPRL Ventures Mozambique BV (10% PI), a wholly owned overseas subsidiary of BPRL, Videocon Mozambique Rovuma 1 (10% PI), Cove Energy Mozambique Rovuma Offshore (8.5% PI) and Mitsui E&P Mozambique Area 1, (20% PI). The balance 15% PI is with Empressa Nacional de Hidrocarbonetos E.P (ENH) the national oil company of Mozambique, who are carried through the exploration phase.

Videocon Inds. Share Price

7.25 0.00 (0.00%)

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Videocon Industries’ arm announces successful flow test in Offshore Mozambique

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