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Videocon announces new exploration and major appraisal success in Mozambique

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

28 Nov 2011 Evaluate

Videocon Hydrocarbon Holdings (VHHL), a wholly owned subsidiary of Videocon Industries has informed that the well operator-Anadarko Petroleum Corporation, USA (Anadarko), has reported that Barquentine-3 appraisal well has encountered more than 662 net feet (202 net meters) of natural gas pay in two high-quality Oligocene-aged fan systems. This discovery significantly expands the company’s estimated recoverable resource range to 15 to 30+ trillion cubic feet (Tcf) of natural gas, with an estimated 30 to 50+ Tcf of natural gas in place. Barquentine-3 is the 6th successful well in the complex that includes the Windjammer, Lagosta, Barquentine and Camarao discoveries.

Anadarko, the operator of the partnership is in the process of mobilizing the Deepwater Millennium drillship to accelerate its activity in the Offshore Area 1 and also has recently signed a 4 year contract extension that will keep the Belford Dolphin drillship working in the basin as part of partnership's ongoing program.

The Barquentine-3 appraisal well was drilled to a total depth of approximately 13400 feet (4084 meters) in water depths of approximately 5170 feet (1575 meters). The well is located approximately 2.75 miles (4.4 kilometres) of southeast of the Barquentine discovery well and approximately 1.8 miles (2.9 kilometres) south of the Barquentine-2 appraisal well. The partnership will preserve Barquentine-3 for use as a monitor well during its upcoming testing program. The drillship will next move to top set the Barquentine-4 appraisal well.

Videocon Mozambique Rovurna 1, an overseas subsidiary of VHHL holds 10% participating interest (PI) in the block. Anadarko Petroleum Mozambique Area 1 Lda, an affiliate of Anadarko is the operator of the 2.6-million-acre (approx. 10,500 square kilometer) block with a PI of 36.5%. Other partners in the area include Mitsui E&P Mozambique Area 1 (20 percent), BPRL Ventures Mozambique B,V. (10 percent), and Cove Energy Mozambique Rovuma Offshore (8.5 percent), Empresa Nacional de Hidrocarbonetos, E.P. a National Oil company of Mozambique, holds the remaining 15% interest and is carried through the exploration phase.

Videocon Inds. Share Price

7.25 0.00 (0.00%)

15-Jun-2021 18:01 View Price Chart

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Videocon announces new exploration and major appraisal success in Mozambique

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