This subsidiary company GNRL Oil & Gas Limited (formerly Heramec Ltd) has struck oil in the newly drilled well ND#1A in Dholasan field in Mehsana district. "Presently the well is under production testing since last 35 days to determine whether the discovery is of potential commercial interest," GNRL stated in a statement to the Bombay Stock Exchange (BSE) about the oil discovery.
Meanwhile, the news of the oil discovery pushed the scrips of the parent company, northwards on the BSE. The shares of GNRL ended the day at Rs 200, up by 4.33 percent from the previous close of Rs 191.70.
GNRL Oil & Gas Limited holds 30 percent participating interest and is the operator of Dholasan field where two new wells ND#1A and SD#1A have been drilled. State-run Gujarat State Petroleum Corporation Limited (GSPC) holds the remaining 70 percent participating interest in this field.
GNRL, through its step-down subsidiary GNRL Oil & Gas Limited has participating interest in a total of six producing blocks in Cambay basin (Kanawara, North Kathana, Allora, Dholasan, North Balol and Unawa) in Gujarat. The subsidiary is also the operator in four of these blocks.