Desi companies dusting up their onland E&P assets-II: Mercator gets a 20-year run
Jun 29:
Like Deep Industries, Mercator is another self made but tenacious company 8It was over ambitious earlier and had gone through a very bad stretch 8But it is hanging in to its E&P assets, thinking there is money to be made 8The company has got itself a 20-year mining lease for the CB-ONN-2005/9 block. 8The plans are to drill 15 development wells, construct a GGS of 6000 BOPD capacity and convert 2 existing wells Jyoti-1 and Jyoti-2 into development wells 8Mercator has already signed an MOU with ONGC for using their pipeline already passing through CB-9 Block for evacuation of oil in place. 8An overall amount of 23.79 Mn barrel of recoverable Oil is expected from the block. 8The company had last year signed a drilling contract with Essar Oilfield Services for development drilling of the block. Click on Reports for more