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11-Dec2012

BPCL surges as its arm encounters encouraging result in Alagoas Basin, Brasil

Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 361.00, up by 4.30 points or 1.21% from its previous closing of Rs. 356.70 on the BSE.

The scrip opened at Rs. 356.00 and has touched a high and low of Rs. 361.00 and Rs. 356.00 respectively. So far 5981 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 394.60 on 12-Jul-2012 and a 52 week low of Rs. 229.53 on 05-Jan-2012.

Last one week high and low of the scrip stood at Rs. 366.00 and Rs. 346.00 respectively. The current market cap of the company is Rs. 25915.34 crore.

The promoters holding in the company stood at 54.93% while Institutions and Non-Institutions held 27.57% and 17.50% respectively.

Bharat PetroResources (BPRL), a wholly owned subsidiary of Bharat Petroleum Corporation (BPCL), has informed that Petrobras, operator of Seal-M-349 Block in BM-Seal-11 Concession, Brasil, has reported a new discovery of light hydrocarbon in the concession, located in ultra deep waters of Sergipe Alagoas Basin.

The discovery of well 1-SES-166, informally known as Cumbe, occurred in reservoirs of the Calumbi formation. The discovery was confirmed through log data analysis. Studies of pressures recorded in the reservoirs and fluid samplings have indicated the presence of light hydrocarbons. The Cumbe is the first well, being drilled in the block and is located 9.4 kms north of the recent discovery well Farfan.

The well proved presence of sandstone reservoir saturated with light weight hydrocarbon in the Maastrichtian and Campanian sections with gross pay thickness of 98m in intervals of 4578m to 4605m (net pay of 17m) and 5321 to 5635m (net pay of 24m) respectively.

Petrobras is the operator of the concession BM-SEAL-11 with 60% interest in partnership with IBV Brazil (the 50:50 joint venture company, formed by wholly owned subsidiaries of Bharat PetroResources and Videocon Industries) holding the remaining 40%.


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