HOEC Discovers More Gas at Assam Well

Hindustan Oil Exploration (HOEC) has conducted a drill stem test (DST) covering about 6 meters (in one gas bearing zone) out of total of about 150 meters net thickness (in 15 gas bearing reservoir zones) in Dirok-2 Appraisal Well based on Schlumberger log interpretation.

The DST has resulted in flow of natural gas at an initial rate of approximately 6.50 million standard cubic feet per day (mmscfd) along with condensate at an initial rate of approximately 140 barrels per day through a 32/64" choke.

The Company (the Operator), Indian Oil Corporation Limited and Oil India Limited presently have 40.323%, 43.548% and 16.129% participating interest respectively in the exploration phase.

Oil India Limited, the licensee of the block, has an option under the Production Sharing Contract to acquire additional 30% participating interest in the development and production phase. Should, Oil India Limited exercise this option, the revised participating interest in the development and production phase shall be 26.882%, 29.032% and 44.086% for the Company, Indian Oil Corporation Limited and Oil India Limited respectively.

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