Mercator said the company's subsidiary, Mercator Petroleum in consortium with Oil India, and Oilmax Energy, has been chosen as the selected candidate by the Ministry of Energy of the Republic of the Union of Myanmar for two shallow water offshore oil blocks, in the Myanmar Offshore Block Bidding Round - 2013.

The consortium will enter into production sharing contract for these blocks with Ministry of Energy of the Republic of the Union of Myanmar.

Shares of the company gained Rs 0.35, or 1.44%, to trade at Rs 24.65. The total volume of shares traded was 313,036 at the BSE (12.51 p.m., Monday).