EWT will help MPL streamline operations prior to full-fledged production which is targeted to commence at the earliest.
Shares of Mercator surged 6.3 percent intraday Tuesday on the back of DGH approval for field development plan (FDP).
Directorate General of Hydrocarbons (DGH) has approved the field development plan submitted by Mercator Petroleum (MPL), a Mercator group company, 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, company said in press release.
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, it added.
At 11:31 hrs Mercator was quoting at Rs 38.90, up Rs 1.85, or 4.99 percent on the BSE.
Posted by Rakesh Patil
