GNRL Oil & Gas, the subsidiary of Gujarat Natural Resources is undertaking a drilling campaign to drill new development wells in the current financial year as per approved work program and budget.
The first of the three planned wells was spuded on Dec. 25, 2013, in Dholasan field. The drilling of the well in Dholasan field is completed within planned schedule and budget. Testing of the well is being undertaken.
After completion of drilling activities for the first well in Dholasan field, the drilling of the second well which was spuded on Feb. 11, 2014 in Kanawara field is successfully completed within planned schedule and budget.
Stimulation and final completion of the well is planned to be undertaken in last week of March 2014.
Shares of the company gained Rs 8.65, or 6.63%, to trade at Rs 139.05. The total volume of shares traded was 37,509 at the BSE (11.50 a.m., Wednesday).