Hindustan Oil Exploration stock tumbles 10.5% post announcement on B-80 project

1 Apr 2022 , 11:43 AM

Hindustan Oil Exploration Company Ltd stocks in focus on Friday after the company provides update on B-80 Project.

According to the filing, the pre-commissioning and safety checks at KGB-Offshore Installation (MOPU) and FSO Prem Pride (FSO) are complete and the system is ready to receive the first hydrocarbons.

The well opening sequence was followed to bring the first well safely on production, however we have encountered operational issues and troubleshooting is currently ongoing.

The delay witnessed in the commencement of production from the field being unanticipated, necessary corrective actions are being taken by the Company, and the field will safely be brought on line for production as soon as the issues are rectified, said company on Thursday.

On Friday at around 11:46 AM, Hindustan Oil Exploration Company was trading at Rs196.85 apiece down by Rs23 or 10.46% from its previous closing of Rs219.85 apiece on the BSE.