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BPCL surges as its arm discovers hydrocarbon in Sergipe-Alagoas Basin

12 Aug 2013 Evaluate

BPCL is currently trading at Rs. 282.65, up by 6.40 points or 2.32% from its previous closing of Rs. 276.25 on the BSE.

The scrip opened at Rs. 278.00 and has touched a high and low of Rs. 284.00 and Rs. 272.60 respectively. So far 56,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 449.00 on 21-Jan-2013 and a 52 week low of Rs. 256.00 on 06-Aug-2013.

Last one week high and low of the scrip stood at Rs. 304.00 and Rs. 256.00 respectively. The current market cap of the company is Rs. 20,437 crore.

The promoters holding in the company stood at 54.93%, while Institutions and Non-Institutions held 27.11% and 17.95% respectively.

Bharat Petroleum Corporation’s (BPCL) wholly owned subsidiary, Bharat Petro Resources (BPRL) has informed that Petrobras, Operator of the block SEAL-M-426 in BM-SEAL-11 Concession, Brazil, has  reported  discovery  of hydrocarbons during the drilling of the first appraisal well 3-SES-176D (3-BRSA-1178D-SES), informally known as ‘Farfan 1’, located in the concession area BM-SEAL-11, Block SEAL-M-426 in ultradeepwaters of the Sergipe Basin.

The results obtained in this well confirm the extension of the light oil reservoirs previously discovered in the ‘Farfan’ discovery well within turbidite sandstones of Upper Campanian age (Calumbi Formation).

The ‘Farfan 1’ appraisal well is located 104 km from the city of Aracaju, about 5 km from the earlier discovery well ‘Farfan’ and at a water depth of 2476 meters. The well encountered a reservoir with gross pay thickness of 51 meters (measured depth), with good porosity and permeability.

The well is currently under drilling which will be followed by a drill stem test (DST) to confirm the flow potential of the reservoir. The consortium plans to continue with the Discovery Assessment Plan, under approval by the Brazilian Regulatory Agency, ANP.

Petrobras is the operator of the concession BM-SEAL-11 with 60% interest in partnership with IBV Brazil (a 50:50 Joint Venture Company, formed by wholly owned subsidiaries of Bharat PetroResource and Videocon Industries) holding the remaining 40%.

BPCL Share Price

312.05 0.00 (0.00%)
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