Mumbai, Apr
05: Hindustan Oil Exploration Company (HOEC) said that it has entered into a share purchase agreement
to acquire the entire share capital of Geopetrol international
Inc., which is a party to number of oil and gas assets in India, This includes the Kharsang Oil field in the
state of Arunachal Pradesh, which is under production with 30%
participating interest both directly and indirectly, company said in
the filing with BSE.
HOEC has two operating assets one at Assam,
Dirok Oil and Gas producing field and the other at Kherem at
Arunachal Pradesh. This acquisition would enhance the operating synergy
and optimize the costs. The indicative time period for the completion of the entire process is expected on or before April 15, 2018.
Commenting on the transaction, P. Elango, Managing Director, HOEC said 'This acquisition strengthens our presence in the prolific Hydrocarbon Basins of North East India and accelerates our vision to emerge as a leading private oil and gas player. We aretruly excited about the synergy and growth opportunities it presents.' UNI
Commenting on the transaction, P. Elango, Managing Director, HOEC said 'This acquisition strengthens our presence in the prolific Hydrocarbon Basins of North East India and accelerates our vision to emerge as a leading private oil and gas player. We aretruly excited about the synergy and growth opportunities it presents.' UNI
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