Reliance Industries falls on KG D6 reserve estimate

Jun 21, 2012 |

Reuters

mumbai

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Reliance Industries shares extended falls on Thursday after Canada's Niko Resources sharply cut the reserves estimate at the KG-D6 gas blocks, off India's east coast, where the two companies are partners.

By 10.56 a.m. IST, Reliance shares fell 3.2 per cent to Rs 714.15.

The Canadian oil and gas producer late on Wednesday estimated that total proved plus probable reserves at the KG-D6 block, as of March 31, had decreased to 1.93 trillion cubic feet.

The block had been estimated to hold more than 9 trillion cubic feet (tcf) of gas.

Niko holds a 10 per cent stake in the D6 block. Reliance holds 60 per cent, while BP Plc has a 30 per cent stake.

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