Oil India rose 0.86% to Rs 209.90 at 9:51 IST on BSE after the company announced hydrocarbon discovery in KG Basin, Andhra Pradesh.
The announcement was made after market hours yesterday, 25 June 2018.On the BSE, 7,426 shares were traded in the counter so far compared with average daily volumes of 23,000 shares in the past two weeks. The stock had hit a high of Rs 211.35 and a low of Rs 208.40 so far during the day. The stock hit a 52-week high of Rs 259.36 on 12 January 2018. The stock hit a 52-week low of Rs 172.09 on 3 July 2017.
Oil India (OIL) has made its second hydrocarbon discovery in the onland KG Basin NELP VI Block: KG-ONN-2004/1 in May 2018 at well Thanelanka-l in Andhra Pradesh. Earlier, a gas discovery was made at well Dangeru -lin Andhra Pradesh in the block. The well Thanelanka-1 is the first High Pressure - High Temperature (HP-HT) well drilled by OIL and has encountered multiple sands in Gollapalli Formation of Late Jurassic-Early Cretaceous and one zone in Raghavapuram Formation of Intra Cretaceous. On testing, the HP-HT zone in the depth range 4912-5159 m in Golapalli Formation produced gas @ 1300 scmd through 16/64" bean choke. Presently, the well is under further testing.
Oil India reported net profit of Rs 866.50 crore in Q4 March 2018, steeply higher than net profit of Rs 19.31 crore in Q4 March 2017. Net sales rose 19.4% to Rs 2998.44 crore in Q4 March 2018 over Q4 March 2017.
Oil India is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It also provides various E&P related services and holds 26% equity in Numaligarh Refinery.
The Government of India held 66.133% stake in Oil India as per the shareholding pattern as on 31 March 2018.
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