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Videocon Industries jumps on announcing oil and gas discovery in Brazil

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

22 Sep 2011 Evaluate

Videocon Industries is currently trading at Rs. 180.20, up by 3.05 points or 1.72% from its previous closing of Rs. 177.15 on the BSE.

The scrip opened at Rs. 176.20 and has touched a high and low of Rs. 182.70 and Rs. 176.20 respectively. So far 61,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 294.50 on 06-Oct-2010 and a 52 week low of Rs. 166.55 on 16-Sep-2011.

Last one week high and low of the scrip stood at Rs. 182.70 and Rs. 166.55 respectively. The current market cap of the company is Rs. 6,375.00 crore.

The promoters holding in the company stood at 68.48% while Institutions and Non-Institutions held 12.67% and 14.01% respectively.

Videocon Energy Brazil, a step-down subsidiary of Videocon Industries, said its senior partner Petrobras of Brazil has discovered oil and gas off the Latin American nation’s coast.

Petrobras Brasileiro SA, the Operator of the BM-SEAL-11 Concession in the Sergipe Basin of the Brazilian Offshore announced today the presence of oil and gas accumulations, confirmed after completing the drilling, logging (records characteristics of a formation), sampling (liquid and gas) fluid in a formation testing operations at Barra well (1SES-158) with presence of excellent reservoirs with good porosities and permeabilities at several depths. Excellent quality hydrocarbons were observed in the range from around 439 API (condensate/light oil) to 323 API (oil), during lagging and fluid (liquid and gas) sampling, in a formation test, at 5,050 and 5,400 meters, respectively.

The Barra well is the first Well drilled in deepwater exploration in water depths of 2,311 meters, 58 km from the coast of Sergipe and 90 km from Aracaju, in the Sergipe-Alagoas Basin, offshore Brazil. The information obtained so far, is sufficient to confirm discovery of a new oil province in the Sergipe-Alagoas Basin.

The Joint Venture comprising of Petrobras as Operator with 60% Participating Interest and IBV Brasil (a 50 : 50 Joint Venture Company of Videocon Energy Brazil and Bharat PetroResources) holding the balance 40% Participating Interest, will fulfill the commitment of Minimum Lxploration Programme agreed with the Petroleum Regulatory Authority of Brazil Government (ANP) has also approved the proposed Appraisal Plan submitted by the consortium, in order to ascertain the extent of accumulation through the drilling of other Appraisal/Exploratory well.

Videocon Inds. Share Price

7.25 0.00 (0.00%)

15-Jun-2021 18:01 View Price Chart

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Videocon Industries jumps on announcing oil and gas discovery in Brazil

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