Hindustan Oil Exploration Company (HOEC) to announce 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, including the Kharsang Oil field in the state of Arunachal Pradesh which is under production with 30% participating interest both directly and indirectly.

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 optimise the costs.

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 are truly excited about the synergy and growth opportunities it presents.''

The indicative time period for the completion of the entire process is expected on or before April 15, 2018.

Shares of the company gained Rs 2.65, or 2.29%, to trade at Rs 118.25. The total volume of shares traded was 34,801 at the BSE (9.59 a.m., Thursday).