Selan Exploration Technology was doing very well in the opening bell session. The stock price rose almost 4% to Rs.185 but from there, profit booking came in and now the stock is holding onto the green at Rs.580 levels, up a little over 1%.
The market is happy because it has received a Letter from the Ministry of Petroleum and Natural Gas stating they have approved the proposal for grant of extension of 10 years w.e.f. 13.03.2020 for the entire contract area measuring 5 Sq. Km of Lohar Field.
The letter further requests the Directorate General of Hydrocarbons to inform the company about the approval of extension of the PSC for the Lohar field, as per extant policy for extension of PSC for small, medium and discovered field, 2016.