General Announcement::Updates on Oil Blocks

Issuer & Securities

Issuer/ Manager
MERCATOR LIMITED
Securities
MERCATOR US$16M4.75%CB190527 - XS1072432161 - 3R0B
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
03-Nov-2017 21:07:42
Status
New
Announcement Sub Title
Updates on Oil Blocks
Announcement Reference
SG171103OTHR3MFZ
Submitted By (Co./ Ind. Name)
suhas pawar
Designation
company secretary
Effective Date and Time of the event
03/11/2017 17:00:00
Description (Please provide a detailed description of the event in the box below)
A step-down subsidiary of Mercator Limited, Mercator Petroleum Limited (MPL), Operator and 100% Participating Interest holder in Block CB-ONN-2005/9 is pleased to announce that it has submitted the detailed Field Development Plan (FDP) to the Director General of Hydrocarbons (DGH) on 3rd November 2017.
DGH had earlier reviewed its discoveries from its first two wells, Jyoti 1 & Jyoti 2, in Bharuch Area of Gujarat. MPL aims to commence production from the discovered area once FDP covering an area of 24 Km is approved by DGH and statutory clearances are obtained.
MPL has submitted the development plan to recover nearly 23 million barrels of Reserves from the discoveries earlier made with target to commence Oil Production from mid-year 2018 subject to regulatory approvals. Further drilling is being carried out in the Block and as part of the overall campaign, a total of 6 wells have already been drilled in the block. This drilling campaign is expected to be completed by end of FY 18. Testing of further wells is also planned during the ongoing campaign which may open additional areas in the block for exploitation of hydrocarbon resources.

Attachments

20171103205920219.pdf
Total size =55K