[ad_1]
In a stock exchange filing, the company stated that both wells are currently in the stabilisation phase. This development follows HOEC’s earlier intimation on August 7 regarding the progress of its operations in the B-80 field.
Block B-80 is part of HOEC’s portfolio, and the activation of these wells is a key step in boosting the company’s production capabilities.
Following the announcement, the HOEC stock gained as much as 5.84% to an intra-day high of ₹269.25 a piece on the BSE.
The stock opened higher at 259.85 a piece on BSE before rising to hit the day’s high in the early trading session.
On August 7, Hindustan Oil Exploration Company announced that operations at its western offshore Block B-80 field were disrupted due to adverse weather conditions.
The floating storage offshore (FSO) unit, secured by a single point mooring (SPM) system, encountered significant difficulties as bad weather hampered efforts to keep it in position for more than 10 days. On August 6, the hawser—a heavy cable used for mooring—broke apart.
Hindustan Oil Exploration Company operates in the upstream oil and gas sector with a diverse portfolio of 11 blocks—eight onshore and three offshore—serving as the operator in 10 of these blocks.
HOEC reported a muted performance in the first quarter of the current financial year. The company’s net profit for Q1FY25 slipped to ₹41.9 crore from ₹66 crore reported a year ago.
HOEC also posted a 15.5 % decline in its total income to ₹146.7 crore in the June 2024 quarter down from ₹173.8 crore in the corresponding quarter of the previous fiscal.
Shares of Hindustan Oil Exploration Company were trading 5.46 % higher at ₹268.30 on the BSE at around 10:30 am.
Also Read: HDFC Bank shares brace for inflows of up to $2 billion ahead of MSCI adjustments
[ad_2]
Source link