7th May 2014 12:15
LONDON (Alliance News) - Indus Gas Ltd Wednesday said its current drilling programme at the RJ-ON/6 Block is progressing on schedule and producing positive results ahead of its upcoming Competent Person's Report.
The oil and gas exploration and development company with assets in India said additional production wells have been drilled in its SGL area of the site to service its gas sales commitments and appraisal drilling and testing has continued in the southern half of its block.
The company said that in the first four months of 2014, additional testing of a number of wells in the SGL area have also been completed and the results further support the potential of Pariwar formation gas production across the block.
Indus Gas said that strong progress has been made on the preparation of additional gas gathering and processing facilities, with a cumulative gas processing capacity of 130 million square cubic feet per day being planned to be available by 2015.
The company added that progress continues to be made on a new USD180 million facility, its Declaration of Commerciality for the site remains under review and an independent party continues to work on a new Competent Persons Report for the site.
"The current drilling campaign is delivering some very exciting results and the Board looks forward to the release of the updated Competent Person's Report during the third calendar quarter," Chairman Peter Cockburn said in a statement.
Indus Gas shares were up 6.3% to 505.00 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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