General Announcement::Update on Oil Block

Issuer & Securities

Announcement Title: General Announcement
Date &Time of Broadcast: 27-Feb-2018 17:48:10
Status: New
Announcement Sub Title: Update on Oil Block
Announcement Reference: SG180227OTHR2XQU
Submitted By (Co./ Ind. Name): Suhas Pawar
Designation: Company Secretary
Effective Date and Time of the event: 27/02/2018 17:00:00
Description (Please provide a detailed description of the event in the box below): Mercator Petroleum Limited (MPL), a Mercator Group Company, is pleased to announce that Directorate General of Hydrocarbons (DGH) has approved the Field Development Plan (FDP) submitted by MPL for its Jyoti-1 & Jyoti-2 oil discoveries in Block CB-ONN-2005/9. DGH has approved the FDP for over 23 million barrels of recoverable Oil over the life of field.
MPL is also gearing up to commence Extended Well Test (EWT)/ Trial Production at one of the wells in March 2018, as approved by DGH earlier. EWT will help MPL streamline operations prior to full-fledged production which is targeted to commence at the earliest.
As per earlier announced schedule, MPL is in process of commencing drilling in the Eighth exploratory well. Testing of already drilled well (Jyoti-6) is also underway.

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