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Mercator advances with MPL commencing drilling in seventh exploratory well

12 Dec 2017 Evaluate

Mercator is currently trading at Rs. 37.15, up by 0.40 points or 1.09% from its previous closing of Rs. 36.75 on the BSE.

The scrip opened at Rs. 37.00 and has touched a high and low of Rs. 37.50 and Rs. 36.65 respectively. So far 1,82,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 55.20 on 24-Apr-2017 and a 52 week low of Rs. 35.50 on 26-Sep-2017.

Last one week high and low of the scrip stood at Rs. 38.10 and Rs. 36.40 respectively. The current market cap of the company is Rs. 1,123.64 crore.

The promoters holding in the company stood at 34.44%, while Institutions and Non-Institutions held 15.26% and 50.31% respectively.

Mercator Petroleum (MPL), a Mercator Group Company, has commenced drilling in the Seventh exploratory well on December 6, 2017. The drilling is expected to be completed by March’18. During the ongoing campaign, testing of already drilled wells is also planned which may open additional areas for exploration.

Earlier, the Independent Third Party Resource Certification for wells Jyoti 1 & 2 has given a 2P EUR (expected ultimate recovery with water injection) of 26.2 Million barrels of Oil in the discovery area. MPL had earlier submitted a field development plan, to the Directorate General of Hydrocarbons (DHG), for an estimated reserves of 23 million barrel of recoverable Oil.

Mercator is one of India's largest private sector Dredging Company. 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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