Essar Oil is trading higher by 4% at Rs 55.70 after the company said the verified in-place gas reserves at its Raniganj CBM block have more than doubled to 55 billion cubic feet. Essar Oil has 100% interest in the block.
“The independently verified proven and probable (2P) reserves and best estimate (2C) contingent gas resources at its Raniganj coal bed methane (CBM) exploration block in West Bengal have been significantly increased,” the subsidiary of Essar Energy said in a filing to the stock exchanges.
The total proven and probable reserves (2P) at Raniganj, evaluated as on September 1, 2011, are 113 billion cubic feet (bcf) gross, or 18.8 million barrels of oil equivalent (mmboe), while best estimate contingent resources (2C) are 445 bcf gross, or 74.1mmboe, it added.
A combined 1.90 million shares have changed hands on the counter so far on both the exchanges.