Vedanta notifies of Oil Discovery aka 'Durga' in an exploratory well drilled in Rajasthan's Barmer district; Stock sheds over 3%

22 Feb 2022 , 01:57 PM

Vedanta has notified the Management Committee, DGH and Ministry of Petroleum and Natural Gas of an Oil Discovery (named ‘Durga’) in its exploratory well WM-Basal DD Fan-1 drilled in OALP Block RJ-ONHP-2017/1 in Barmer District of Rajasthan.

The approval of the Management Committee has also been sought. The Block was awarded to the Company in October 2018 and is one of the 41 Blocks awarded to it in the OALP-I round of bidding.

The Company holds 100% participating interest in the block.

Durga-1 (earlier WM-Basal DD Fan-1) is the second well drilled in the Block RJ-ONHP-2017/1 to a depth of 2615m MDRT.

This is the third hydrocarbon discovery notified by the Company under the OALP portfolio. During the drilling of the well, four hydrocarbon zones were encountered in the Dharvi Dungar (DD) formation of Late Paleocene to Early Eocene age.

At around 1.54 pm, Vedanta was trading at Rs342.25 per piece down by 3.2% on BSE. The stock has touched an intraday high and low of Rs348.40 per piece and Rs339.50 per piece respectively.