Reliance shares surge 4 per cent on new gas discoveries

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 Reliance shares surge 4 per cent on new gas discoveries
Reliance Industries: Quotes, News
BSE 1088.50BSE Quote1.6 (0.15%)
NSE 1087.55NSE Quote0.2 (0.02%)
Shares in Reliance Industries surged more then 4 per cent, after the company announced a new gas discovery. The stock was last trading at Rs 816 on the Bombay Stock Exchange.

Reliance Industries Limited (RIL) and its partners BP and NIKO announced a significant gas and condensate discovery in the KG D6 block off the eastern coast of India.

The KGD6-MJ1 well was drilled in a water depth of 1,024 metres - and to a total depth of 4,509 metres - to explore the prospectivity of a Mesozoic Synrift Clastic reservoir lying over 2,000 metres below the already producing reservoirs in the D1- D3 gas fields. Formation evaluation indicates a gross gas and condensate column in the well of about 155 metres in the Mesozoic reservoirs. In the drill stem test, the well flowed 30.6 million standard cubic feet per day (mmscf/d) and liquid rate of 2,121 barrels a day with a choke of 36/64" with a flowing bottom hole pressure of 8,461 psia suggesting good flow potential. Well flow rates during such tests are limited by the rig and well test equipment configuration.

The discovery, named ‘D-55', has been notified to the Government of India (GoI) and the Management Committee of the block. This discovery is expected to add to the hydrocarbon resources in the KG D6 block. Appraisal will now commence to better define the scale and quality of the field.

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