Hindustan Oil Exploration surges 13%

DALAL STREET SPIKES

Hindustan Oil Exploration noted a surge of over 13 per cent in its stock from Rs 89.50 to Rs 101.15. Over a million shares were traded on the counter, up 20 times from just over a 50,000 shares traded in the previous session.

The company had announced that it has obtained satisfactory well deliverability for the PY-1 gasfield, where it had performed a well-test at the first development well 'Earth'. The test established horizontal wells of this type could meet the required rates under the PY-1 full field development.

The company was in the news recently for a tie-up with banks to raise a term loan of $100 million to part-finance the development of the PY-1 field.