HOEC gains as govt approves commerciality of 'Dirok' hydrocarbon discovery

The stock has jumped 5% to Rs 36.60 in intra-day deals so far

Shares of Hindustan oil Exploration Company (HOEC) have jumped 5% to Rs 37 after the The Ministry of Petroleum and Natural Gas (MoPNG) and Directorate General of Hydrocarbons (DGH) have approved the commerciality of ‘Dirok’ hydrocarbon discovery in Block AAP-ON-94/1 located in Assam-Arakan basin.

Following this approval, Hindustan Oil Exploration Company Ltd. (HOEC), as the Operator of the Block, is preparing the Field Development Plan for Dirok Discovery with the objective to bring the first gas to the market in an accelerated manner, subject to timely receipt of various regulatory approvals for the development / production phase.

HOEC has 26.88% participating interest in the development and production phase of Dirok Discovery. The other Consortium Partners include Oil India Limited (OIL) and Indian Oil Corporation Limited (IOCL).”

The stock opened at Rs 34.90 and touched the intra-day high of Rs 36.60 in the intra-day deals so far. As many as 14,000 shares have changed hands on the BSE compared to its two-week average of 22,000 shares.