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Videocon announces extension of exploration success in Offshore Mozambique

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

11 Jun 2012 Evaluate

Videocon Industries has informed that Anadarko Petroleum Corporation’s Atum exploration well has discovered another significant natural gas accumulation within the Offshore Area 1 of the Rovuma Basin. The Atum discovery well encountered more than 300 net feet (92 meters) of natural gas pay in two high-quality Oligocene fan systems. This latest discovery is connected to the partnership’s recent Golfinho discovery located approximately 10 miles (16.5 kilometers) to the northwest in the Offshore Area 1.

The Atum exploration well was drilled to a total depth of about 12,665 feet (3,860 meters), in water depths of approximately 3,285 feet (1,000 meters). Once operations are complete at Atum, the partnership plans to commence appraisal activities that are expected to be followed by a drillstem testing program in the Golfinho and Atum complex.

Anadarko is the operator in the Offshore Area 1 with a 36.5-percent working interest. Co-owners include Mitsui E&P Mozambique Area 1 (20 percent), BPRL Ventures Mozambique B.V. (10 percent), Videocon Mozambique Rovuma 1 (10 percent) and Cove Energy Mozambique Rovuma Offshore (8.5 percent). Empresa Nacional de Hidrocarbonetos, ep’s 15-percent interest is carried through the exploration phase.

Earlier in May this year, Videocon Industries’ wholly owned subsidiary, Videocon Hydrocarbon Holdings has informed that Anadarko Mocambique Area 1 Limitada, the Operator of exploration block in Rovuma Basin, Area 1, offshore Mozambique, has reported that Golfinho exploration well discovered a new, major natural gas accumulation nearly 20 miles (32 kilometres) northwest of its Prosperidade complex within the Offshore Area 1 of Rovuma Basin.

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Videocon announces extension of exploration success in Offshore Mozambique

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