GAIL India shares up 3 pct on talks to acquire stake in Tanzania block

Written by PTI | Mumbai | Updated: Dec 4 2013, 00:56am hrs
Shares of GAIL (India) Ltd today rose by 3 per cent after the company said it is in talks to acquire Ophir Energy's 10 per cent stake in gas blocks in Tanzania.

Stocks of the country's biggest natural gas distributor settled for the day at Rs 343.35, up 2.97 per cent on the BSE. During the day, the scrip gained 3.4 per cent to Rs 344.80.

At the NSE, the scrip ended 3.06 per cent higher at Rs 343.80.

In terms of volume, 2.03 lakh shares of the company changed hands on the BSE, while over 10 lakh shares were traded at the NSE during the day.

"We are in talks are irrespective of Singapore's Pavilion Energy reportedly buying half of Ophir's stake. We continue to be in dialogue," GAIL Director (Marketing) Prabhat Singh today said on the sidelines of 8th Asia Gas Partnership Summit here.

GAIL was keen to buy part of Ophir Energy Plc's remaining 20 per cent stake in blocks 1, 3 and 4, which are estimated to hold an estimated 15 trillion cubic feet (tcf) of gas reserves.