Mercator is in the limelight today after a long time. The stock price rose over 6.5% to Rs.22.75, clocking a 3.5 times surge in volumes. Its 52-week high is at Rs.49.
The company had good news to share. After a long wait, Department of Petroleum, Government of Gujarat has granted the company the Mining Lease on 27 June 2018 for exploiting oil discoveries made by Mercator in Block CB-ONN-2005/9.
The Mining Lease has been awarded for a period of 20 years.
As announced earlier, the Directorate General of Hydrocarbons has approved the Field Development Plan (FOP) for over 23 million barrels of recoverable Oil in Jyoti-l & Jyoti-2 discoveries situated in Block CB-ONN-2005/9.
Mercator said that it is geared up to bring the Block to production at the earliest.