Videocon Industries advises that Petroleo Brasileiro SA, the operator of the BM-SEAL-11 concession has announced discovery of new oil accumulation in Farfan Area in the Sergipe Basin.

Pradeep N. Dhoot, Dubai based director of Global E&P Business of Videocon Hydrocarbon Holdings, said, ''The discovery of Hydrocarbons in what was proposed as a data acquisition well and that too further away from reservoir of wells already drilled in the Sergipe Block is likely to add further to the hydrocarbon resources already indicated in the said blocks.

Shares of the company gained Rs 9.75, or 6.12%, to trade at Rs 169.05. The total volume of shares traded was 123,060 at the BSE (10.12 a.m., Friday).