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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
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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
