There was a significant announcement from Oil India yesterday after market hours.
The PSU, India's second largest National Exploration & Production Company, through its exploratory efforts has made its second Hydrocarbon Discovery in the onland KG Basin NELP VI Block in the month of May 2018. It has also discovered gas at well Thanelanka-l in Andhra Pradesh. Earlier, a gas discovery was made at well Dangeru -lin Andhra Pradesh in the block.
The well Thanelanka-1 is the first High Pressure - High Temperature (HP-HT) well drilled by OIL and has encountered multiple sands in Gollapalli Formation of Late Jurassic-Early Cretaceous and one zone in Raghavapuram Formation of Intra Cretaceous. On testing, the HP-HT zone in Golapalli Formation produced gas @ 1300 scmd through 16/64" bean choke. Presently, the well is under further testing.
The stock reacted positively to this, with the stock opening higher and going up 1.5% to Rs.211.35. Its 52-week high is at Rs.259.36.