ONGC rises after gas discovery

Sep 23, 2010 |

IANS

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Oil and gas explorer ONGC Thursday saw its scrip soar after the state-run company said it has discovered two gas and oil wells in the Krishna Godavari and Cambay basins.

At the Bombay Stock Exchange, the ONGC scrip touched an intra-day high of Rs 1,432.30, up 2.27 percent from its previous close at Rs 1,400.50.

The company's stock also seemed to gain strength from the news that it would not make a rival offer to Vedanta's bid for Cairn.

"Counter offer date is gone. If ONGC did not make an offer, that was done consciously," said ONGC chairman and managing R.S. Sharma.

"ONGC management is fully conscious of its interest and responsibility and has acted in a responsible manner," Sharma added.

In a late evening release Wednesday, ONGC had announced of a gas discovery in the Vygreswaram Southwest-1 well in the Krishna-Godavari onshore basin, off the coast of Andhra Pradesh, and oil in Limbodra East-1 area of the Cambay basin in Gujarat.

The company said the Krishna Godavari well has a 30-metre gas column on testing and during evaluation produced gas at the rate of 75,000 cubic metres per day.

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